[Zhongzhi Research Institute: Beijing and Shanghai second-hand housing market transactions remained active in October Rigid demand is still the main force in transactions] On October 21, the China Index Research Institute issued a document saying that in the first three quarters of this year, 137,229 second-hand residential units were signed online in Beijing, a year-on-year increase of 5.1%, and the transaction scale was the highest in the same period since 2022; 191,563 second-hand residential units were signed online in Shanghai, a year-on-year increase of 15.5%. Since the third quarter, the single-month transaction scale has hit a new high for the same period in the past five years for three consecutive months. Entering October, the second-hand housing market continued to be active. As of October 20, 7,029 second-hand residential units in Beijing and 14,174 second-hand commercial housing units in Shanghai were sold respectively, a year-on-year increase of 25.9% and 37.9%. Overall, transactions in the Beijing-Shanghai second-hand housing market remain active, with rigid demand still accounting for the majority of transactions and improving demand showing a marginal recovery. However, the price performance of the two places is somewhat different: Shanghai’s second-hand housing listing prices have stabilized, while Beijing’s listing prices still have downward pressure. Whether subsequent improvement demand can be continuously released, and whether the rebound in transactions can further drive price stabilization, remains worthy of attention.