China Index Academy said year-to-date through Q3 Beijing resale residential online signings totaled 137,229 units, up 5.1% YoY and the largest same‑period volume since 2022. Shanghai recorded 191,563 signings, up 15.5% YoY; monthly transactions have hit near five‑year comparable highs for three consecutive months since Q3. Overall resale activity in Beijing and Shanghai remains elevated, driven mainly by rigid demand with marginal recovery in improvement demand. Price performance has diverged: S

China Index Academy said year-to-date through Q3 Beijing resale residential online signings totaled 137,229 units, up 5.1% YoY and the largest same‑period volume since 2022. Shanghai recorded 191,563 signings, up 15.5% YoY; monthly transactions have hit near five‑year comparable highs for three consecutive months since Q3. Overall resale activity in Beijing and Shanghai remains elevated, driven mainly by rigid demand with marginal recovery in improvement demand. Price performance has diverged: Shanghai listed prices are stabilizing while Beijing listings remain under downward pressure. Whether improvement demand sustains and whether the sales rebound can further stabilize prices remains worth watching.