by WANG Tingting
Shanghai's housing market showed early signs of stabilization in November, with a solid rebound in existing-home transactions even as prices continued to drift lower and new-home sales stayed subdued.
The city logged 22,943 existing-home signings, a 24% rise from October and the strongest since May, according to the Shanghai Real Estate Trading Center. Activity held steady throughout the month, with weekday volumes near 500–600 units and weekend levels above 900. The final week of November was the busiest, recording 5,557 deals.
Brokers say the recovery is being driven mainly by lower-priced, owner-occupied demand. Homes under 3 million yuan (about US$42 million) made up roughly 60% of transactions—an unusually high share that reflects buyers taking advantage of lower valuations. Agents also reported that the rent-to-price ratio has climbed in several districts, in some cases reaching around 4%, making buying more attractive than renting.
Despite the firmer volumes, prices are still slipping. Agency data show both asking and transacted prices below year-earlier levels, and analysts say there is little evidence yet that prices have found a floor. Still, the number of listings is beginning to fall as more homeowners pull properties rather than accept deeper discounts—an early shift in seller behavior.
The new-home market remained weak. Sales of new commercial housing totaled 320,000 square meters, down 19.6% from October. High-end projects saw slower absorption, and the citywide average new-home price fell 9% month on month as activity concentrated in mid-market developments. Only two projects exceeded 100,000 yuan per square meter, fewer than earlier in the year.
Analysts expect developers to increase supply and step up promotions in December as part of their year-end sales push. Even so, they describe the broader market as undergoing a prolonged correction, with sentiment still cautious and performance varying widely by district. Prime locations, they said, continue to hold their value better than other parts of the city, but most buyers remain selective.
