Currently, the structure of real estate transactions is undergoing profound changes. The traditional incremental transaction pattern, which mainly focuses on new housing sales, is rapidly shifting to a combination of new housing and second-hand housing, and second-hand housing transactions have become an important part of housing transactions. This transformation is inherently inevitable: from a supply perspective, the huge urban housing stock provides a solid foundation for second-hand housing transactions; from a demand perspective, demand for improvement has become the main source of demand for new home purchases, and most of this kind of demand is realized through the “one buy, one sale” replacement model, which directly drives the expansion of the scale of second-hand housing transactions. It is worth noting that more than half of second-hand housing is not an accidental fluctuation in individual months. The share of second-hand housing transactions reached 46% in 2025, and has continued to be at a high level of more than 50% since April this year. More than half of the year as a whole is the result of the gradual establishment of this trend.

Currently, the structure of real estate transactions is undergoing profound changes. The traditional incremental transaction pattern, which mainly focuses on new housing sales, is rapidly shifting to a combination of new housing and second-hand housing, and second-hand housing transactions have become an important part of housing transactions. This transformation is inherently inevitable: from a supply perspective, the huge urban housing stock provides a solid foundation for second-hand housing transactions; from a demand perspective, demand for improvement has become the main source of demand for new home purchases, and most of this kind of demand is realized through the “one buy, one sale” replacement model, which directly drives the expansion of the scale of second-hand housing transactions. It is worth noting that more than half of second-hand housing is not an accidental fluctuation in individual months. The share of second-hand housing transactions reached 46% in 2025, and has continued to be at a high level of more than 50% since April this year. More than half of the year as a whole is the result of the gradual establishment of this trend.