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The transaction volume of second-hand homes in Shanghai increased significantly in October, and the number of online signatures reached a new high over the same period in the past six years. Driven by new policies and subsidies, replacement demand was released and the vitality of the market continued to increase.
Has the Shanghai real estate market improved? shanghaireal estate According to data from the Trading Center, the cumulative number of online signatures for second-hand housing (including commercial) in Shanghai reached 24,653 units in October, an increase of 4.2% month-on-month and 32.9% year-on-year, setting a new high for the same period in the past six years since 2021.
In real estate transactions in China, “online signature” means that after the two parties sign the house purchase and sale contract, the contract is uploaded to the official online system of the local real estate management department for filing and registration, which is equivalent to Taiwan’s real price login declaration + official contract filing. After completing this process, the property will be locked into the official system, which prevents the builder or owner from “selling one house and two houses” and allows the official to understand the current status of real estate market transactions in real time.
Shanghai’s “Yicai Finance” reported that since the beginning of this year, Shanghai’s second-hand housing market has entered a state of stable operation at a high level after experiencing the “gold, three, silver and four”. Since September, the new policy on existing house sales has been implemented, which has once again increased the vitality of the market. Single-day transaction performance in October shows that, excluding the National Day holiday, there were seven trading days where one-day online sales of second-hand homes exceeded 1,000 units, and two single-day online sales exceeded 1,600 units.
“The performance of second-hand housing in October can be said to be ‘gold-plated’,” said Lu Wenxi, senior market analyst at Shanghai Centline Real Estate. “There are seven days after the National Day holiday, but the total trading volume is higher than that of September, which shows that the current market is very hot.”
According to data from the Shanghai Lianjia Research Institute, in October, the proportion of second-hand housing transactions priced below RMB 3 million (about US$450,000) in Shanghai increased again; The housing sales cycle accelerated, with the average transaction cycle at 78.1 days, the lowest in the past three years.
Lu Wenshi pointed out that Shanghai’s market performance is the result of the joint action of many parties, and the implementation of policies is a very important influencing factor. Shanghai Wei Wei Po also said that this was mainly due to the official home purchase subsidy policy launched earlier, which promoted the active release of replacement home purchase demand.
On August 20 this year, Shanghai announced the “Notice on the Optimization of Real Estate Policies and Measures in the City”, commonly known as the “Shanghai Eight Articles”. This new housing market policy will reduce the minimum self-drawn amount to buy a second-hand house to 15%. In addition, a subsidy of up to RMB 80,000 (approximately US$12,000) will be provided for home buyers who “trade in” their homes from August 21, 2026 to March 31, 2027.
Shanghai Wenhui Po pointed out that in addition to the transaction volume of antique houses in October reaching a new high in the past six years, the total number of antique houses listed in Shanghai has also seen a decline since October 2025. By the end of October this year, it stood at about 166,000 units, about 42,000 units less than the highest value in September last year. From September to October, a total of 43,400 second-hand housing transactions were completed, an increase of 26% year-on-year.
Summary FAQ
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In October, the cumulative online signing volume of second-hand housing (including commercial) in Shanghai reached 24,653 units, a monthly increase of 4.2% and an annual increase of 32.9%. This was not only significantly higher than the same period last year, but also set a new high for the same period in the last six years since 2021.
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The market improvement is mainly due to the new policies for existing home sales from September and the “Shanghai Eight Measures” launched on August 20, including reducing the minimum self-drawn amount for second-hand homes by 15% and “trade-in” subsidies of up to 80,000 yuan, which have released replacement demand.
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Shanghai Lianjia Research Institute reported that the proportion of housing listings below 3 million yuan in transactions in October increased again, and the average transaction cycle fell to 78.1 days, the lowest level in the past three years; At the same time, the number of listings continued to decline, suggesting that the sales rate is accelerating and buying sentiment has strengthened.
