The latest data released by the China Index Research Institute shows that under the continued manifestation of the new real estate policy, there are more obvious signs of warming in both the new and second-hand housing markets in many parts of the country in November. The transaction area of new houses in first-tier cities further increased on the basis of the heat in October. At the same time, the second-hand housing market continues to be active driven by 'price for volume' transactions, especially in first-tier cities where the second-hand housing market shows significant recovery, with a volume increase of more than 60% year-on-year. In addition, the second-hand housing transaction volumes in Shanghai and Shenzhen both reached nearly a four-year high. Analysts believe that the real estate market is undergoing positive changes under the effect of policies, with more significant recovery in core city markets, and prices are expected to stabilize first.

Monitoring data shows that in November, the number of second-hand housing transactions in 20 major cities reached 140,197 units, an increase of 11.7% month-on-month and 26.3% year-on-year. In the first eleven months of 2024, the cumulative number of second-hand housing transactions achieved positive year-on-year growth, with an increase of 1%. The recovery of the second-hand housing market in first-tier cities is particularly evident. Data shows that in November, the second-hand housing transactions in first-tier cities reached 53,169 units, an increase of 10.6% month-on-month and 65.8% year-on-year.

Taking Shenzhen as an example, according to statistics from the Shenzhen Zhongyuan Research Center, in November, the number of second-hand housing transactions in Shenzhen reached 8,500 units, the highest in nearly 46 months; based on online signing data, Shenzhen's second-hand residential properties recorded 7,125 signings in November, a 16.5% monthly increase and the highest point in nearly four years.

Shanghai's second-hand housing market surged again in November. According to Anjuke's monitoring data in Shanghai, in November, Shanghai's cumulative second-hand housing transactions reached 27,050 units, not only surpassing June to become the month with the highest annual second-hand housing transaction volume but also breaking through the 27,000 unit mark for the first time since March 2021, achieving the highest transaction volume in nearly 44 months.

Xu Yuejin, Deputy Director of Research at the China Index Research Institute, pointed out that the recovery in this round of the market is more pronounced in core cities. Regarding future price trends, he expects core cities to stabilize first. On one hand, with the continuous decline in housing prices before, the cost-effectiveness of lower-priced properties in core cities has emerged, and the continuous increase in sales volume will provide support for prices. On the other hand, after the '9.26 new policy', residents' expectations have significantly improved, narrowing the bargaining space for second-hand housing, promoting the recovery of housing prices.