Shanghai’s housing market has shown notable resilience in recent months, with pre-owned home sales reaching new highs during the traditional peak transaction season, industry analysts report. On Sunday, October 26, a total of 1,615 units of second-hand homes were sold in the city, marking the highest single-day figure for the second half of the year. This is the third occasion in 2024 that daily transactions in the pre-owned home sector have exceeded 1,600 units—following 1,664 units on May 10 and 1,632 on April 11.
Analysts attribute much of the demand in the secondary market to buyers with urgent housing needs and those seeking improved living conditions, both of which have remained stable despite broader market fluctuations. Lu Wenxi, an analyst with Centaline Shanghai, noted that new supportive policies are expected to further underpin recovery during the traditional "Golden September and Silver October" peak period.
Data from the Shanghai municipal bureau of housing management underscores the market’s recent performance. During the week-long National Day holiday, 1,191 pre-owned homes changed hands in Shanghai, a 66 percent increase compared to the same period last year. The total transaction value reached 3.59 billion yuan (approximately $536 million), reflecting vigorous buyer interest amid policy support.
Monthly transaction volumes also illustrate the market’s steadiness, having remained above 23,000 units for seven consecutive months. Notably, March recorded over 31,000 transactions, highlighting sustained activity in the secondary market.
Experts link the market's steadiness to a series of government interventions aimed at stabilizing the housing sector. On August 20, Shanghai introduced an eight-measure package targeting various buyer segments, including incentives such as trade-in subsidies, adjustments to the housing provident fund, and revised mortgage policies. This package included a 200 million yuan subsidy for new home purchases and was designed to meet diverse housing needs and bolster market confidence.
Further measures announced on September 28 sought to enhance the management of pre-sale properties and expedite the sale of completed homes, signaling the city’s commitment to fostering high-quality development in its property market.
Zhang Bo, head of the Beijing-based 58 Anjuke Research Institute, explained that these combined efforts help promote the circulation of homes and the delivery of new properties, working in tandem to ensure stable and healthy market growth. Yan Yuejin, deputy head of the Shanghai-based E-House China R&D Institute, added that positive signs could be observed not only in Shanghai but also across national housing markets during the National Day period, with transaction volumes generally showing improvement.
Together, these data and policy measures suggest that Shanghai’s housing market is moving toward consolidation, supported by targeted interventions aimed at balancing demand with supply and enhancing overall market stability.