China’s Secondhand Home Prices Drop at Fastest Pace in Over a Year
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Preowned home prices in China’s top-tier cities fell for the seventh consecutive month in November, with the pace of decline hitting its fastest in more than a year amid a surge in listings that continues to flood the market.
According to data released Monday by the National Bureau of Statistics, prices in the country’s four top-tier cities — Beijing, Shanghai, Guangzhou and Shenzhen — fell 1.1% from the previous month. That marked a 0.2 percentage point acceleration from October and the sharpest drop since October 2024. Not a single city among the 70 tracked by the agency reported a monthly gain in preowned home prices.
The slide stems from a deep structural shift in the market, where supply has begun to overwhelm demand. Listings of secondhand homes on the platform operated by real estate brokerage Ke Holdings Inc., also known as Beike, have surged to 6.5 million — up 60% from four years ago, vice chairman Xu Wangan said at a Dec. 12 event.
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- Preowned home prices in China’s top-tier cities fell for the seventh straight month in November 2024, with a 1.1% monthly drop—the sharpest since October 2024.
- Secondhand listings surged to 6.5 million, up 60% from four years ago, shifting the market to buyer dominance; resold homes now account for 73% of first-tier city transactions.
- Annual prices dropped 5.8% in first-tier cities; total home transaction volume has stabilized around 1.3 billion square meters since 2023.
- Ke Holdings Inc.
- Ke Holdings Inc., also known as Beike, is a real estate brokerage platform. Its platform has seen a significant surge in secondhand home listings, reaching 6.5 million, a 60% increase from four years ago. This influx of listings underscores a market shift where supply now overwhelms demand, making the market buyer-dominated. At a Ke Holdings event, it was noted that clients now view 17 properties on average before buying, compared to 10 in 2021.
- GF Securities Co. Ltd.
- Guo Zhen, the chief property analyst at GF Securities Co. Ltd., suggests that the pricing model for new homes is evolving. While secondhand prices are driven by supply and demand, the pricing logic for new homes is shifting towards product value. High-quality new projects in prime locations are still performing well, indicating the end of a unified trend for new home prices. Guo believes the broader market might be reaching a floor, with stabilized baseline demand.
- July 2021：
- A turning point in China's real estate market emerged, where new listings began to exceed the number of new home viewings, shifting the market from seller-friendly to buyer-dominated.
- 2021：
- New homes made up over 70% of real estate deals in Beijing and Shanghai; Beike clients viewed an average of 10 properties before purchase.
- 2023：
- Total transaction volume for new and existing homes in China reached about 1.39 billion square meters.
- 2024：
- Total transaction volume for new and existing homes in China hovered around 1.33 billion square meters.
- October 2024：
- The sharpest preowned home price drop in top-tier Chinese cities (before November 2025) occurred.
- November 2024：
- Preowned home prices in China's first-tier cities were 5.8% higher than November 2025, marking a steeper year-on-year drop by November 2025.
- 2025：
- Total transaction volume for new and existing homes in China hovered around 1.33 billion square meters.
- By December 12, 2025：
- Listings for secondhand homes on Beike surged to 6.5 million, up 60% from 2021; Beike clients now view an average of 17 properties before purchasing.
- November 2025：
- Preowned home prices in China’s four top-tier cities fell 1.1% from October 2025, marking the sharpest drop since October 2024 and the seventh consecutive month of decline; prices for new homes in top-tier cities slipped 0.4% from October 2025 (except for Shanghai, up 0.1%).
- December 12, 2025：
- Xu Wangan and Guo Zhen spoke at a real estate event, providing analysis on the current state of China's home market.
- December 15, 2025：
- China’s National Bureau of Statistics released data showing continued decline in preowned home prices in top-tier cities.
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