Kerui Real Estate Research: In November, 29,500 French house auctions rose 2% month-on-month, sales of 3,770 units fell 27% month-on-month

The Zhitong Finance App learned that in November 2025, Kerry Real Estate Research published an article stating that in November 2025, the supply scale of housing sales continued to be low last month, and the transaction scale declined as scheduled. This month, the French auction house sold 29,500 units, up 2% from the previous month, down 24%; 3,770 units were sold, down 27% from the previous month. Affected by the drop in the number of hanging auctions last month, the transaction scale declined as scheduled. In line with the decline in transaction volume, the median premium rate for properties sold this month was 8.7%, down 1 percentage point from the previous month.

Core points

Hanging order volume: Continued low, 29,500 new sets of wall shots were added, a slight increase from month to month, the second lowest since the second half of the year.

Trading volume: The transaction volume declined as scheduled, and 3,770 units were sold, mainly due to a drop in pending auctions last month.

Turnover rate: The national average transaction rate was 13.4%, a sharp drop of 5 percentage points.

Discount rate: The average discount rate for listed listings declined markedly, mainly due to sellers selling properties.

Future market outlook

Affected by the decline in hanging auctions in the past two months, French auction house sales declined at the same time this month. Combined with the difference in price expectations between supply and demand, market transaction indicators both weakened: in November, the national average transaction rate of French housing sales fell to 13.4%, and the share of premium housing sales fell back to 62.5%. Both figures hit lows in the new year. However, from a positive perspective, the divergence in price expectations also means that market price perceptions are gradually being revised, and some high-quality products still maintain a high premium transaction trend.

A typical example is a large top-floor suite in Shuixiehuadu, Xiangmi Lake, Shenzhen. After 95 rounds of bidding on November 21, it was finally sold for 72.685 million yuan, a 115.6% premium over the starting price. The unit price reached 187,700 yuan/square meter, which is significantly higher than the average second-hand housing transaction price of 156,000 yuan/square meter of the project in 2025. As a benchmark luxury house in the district, its core location advantage and high-end product quality are highly attractive. This high premium transaction not only confirms the anti-decline properties of core high-quality luxury homes, but also highlights the allocation preferences of high-net-worth people for scarce high-quality assets.

In addition, the share of ordinary second-hand properties sold through the French auction channel increased further this month. About 9.5% of the properties sold were ordinary assets traded normally, an increase of 0.1 percentage points over the previous month. The median premium rate for such listings fell to about 10 times, a sharp drop from 28 times the previous month, reflecting the increasing normalization of common law property transactions, and the pricing mechanism is gradually returning to rationality.

The central bank made it clear in its monetary policy implementation report that the comparative relationship between interest rates and returns on various types of assets plays an important guiding role in the balanced operation of the macroeconomy and the optimal allocation of resources. It is specifically reflected in the linkage between indicators such as deposit and loan interest rates, bond yields, stock dividend rates, and housing rental and sales ratios. The French housing market is an important part of the real estate price system, and whether asset prices are stable is directly related to balanced macroeconomic development. In line with recent market trends, the supply side has shown significant changes: the number of new listings has declined non-cyclically, and the discount rate for hanging auctions has narrowed at the same time. This is due not only to the progress of “securing buildings and stabilizing people's livelihood” work, but also reflects that as asset prices gradually approach a reasonable range, some high-quality legal auction assets are being re-evaluated and adjusted.

The French housing market has the characteristics of prices close to the bottom of the market and clear transaction time limits, and the sensitivity to real estate price trends is significantly higher than other trading markets. Currently, housing rental and sales ratios in many places are gradually approaching or even exceeding interest rates on deposits and loans. It is recommended that the supervisory authorities step up their monitoring of the French housing auction market in order to promptly capture signals of market changes, accurately guide market expectations, and introduce targeted policies to promote the steady and healthy development of the real estate market.

01 Hanging shot volume

The supply scale continues to be low, and the total price of hanging auctions is a new low since the second half of the year

On the supply side, 29,500 new video sets were added in November, up 2% month-on-month and down 24% year-on-year. The total starting price was 25.7 billion yuan, down 5% from the previous month and 24% from the previous year. The number of new hanging sets added this month continued to be low, and the total starting price of hanging listings was a new low since the second half of the year.

Judging from the situation in various cities, a total of 7 cities added more than 500 sets this month, an increase of 2 over the previous month. Chongqing recorded 1,432 sets this month, continuing to rank first among all cities. Seven cities with more than 500 listings supplied a total of 5,438 sets, accounting for 18% of the total number of new taped shoots in the country.

Among the first-tier cities, Guangzhou continued to rank first with 225 sets. Shanghai ranked second with 206 sets, while Shenzhen and Beijing had 203 and 172 sets respectively. In terms of total listing prices, the total starting price of hanging listings in Beijing was 1.43 billion yuan, making it the city with the highest total price in the country. In addition, Shanghai, Shenzhen, and Guangzhou were 1.07 billion yuan, 820 million yuan, and 350 million yuan respectively.

There were 12 tenders starting at over 100 million yuan this month, all of which were joint auctions for entire homes, large commercial entities, or multiple properties. Among them, the target with the highest total starting price was a sub-plot of the Chongqing Jinke Bocui Future Project. The details are as follows: the total starting price is 298 million yuan, the building area already built is 5,767 square meters, the total planned construction area is 74,000 square meters, and the floor area ratio is 1.5.

Looking at the Jinke Bocui Future Project as a whole, its land consists of 4 sub-plots. The project plot was initially sold in March 2020. At that time, the total transaction price was 1,375 billion yuan, the premium rate was 22.08%, and the average floor price was 6731 yuan/square meter. The first phase of the project was supplied in 2020-2021, with about 700 units sold out. At that time, the average price of new housing transactions was 14,700 yuan/square meter; by 2025, the average price of second-hand housing transactions in the project was about 10,000 yuan/square meter.

The Caijia section, where the project is located, is the main transaction sector in Beibei District of Chongqing: in 2025, the sales volume of new homes in the sector exceeded 1,300 units, accounting for 61% of the total transaction share in Beibei District. Among them, the Baoyi Yujingrunyuan and Zhongcheng Liangjiangyin projects have performed well. Since 2025, they have sold more than 200 new homes, and the supply-demand ratio is less than 1 (short of supply), and the average transaction price is between 11,000 and 12,000 yuan/square meter.

Back to the future plot of Jinke Bocui that was filmed this time: Based on the price of the hanging auction and planned construction area, the average starting price of the floor slab was 4,020 yuan/square meter, which is only 60% of the average floor price when the land was acquired in 2020. Compared with the sales price of new homes in the surrounding area (1.1-12,000 yuan/square meter), the construction and security cost plus profit margin of this target is about 7,000 yuan/square meter, and due to the impact of the change of developers on the overall plot operation, the target profit expectations are limited. As of the time of submission, there were no bid records.

02 Trading volume

Turnover: In November, it fell as scheduled, and the Shenzhen Xiangmi Lake flat floor exceeded 72 million transactions, with a premium of 116%

In terms of transactions, typical cities sold 3,770 housing units in November, down 27% month-on-month and 22% year-on-year. This month's French house auction turnover was 4.6 billion yuan, down 22% from the previous month.

The popularity of auctions also declined during the month. 63% of properties were sold at a premium, the median number of bids for house auctions was 12, and the number of bids for 5.1% of properties reached 100 or more, all of which were new lows during the year.

Guangzhou continued to rank first in the number of units sold this month, reaching 151 units. Ningbo and Foshan ranked second and third, with 150 and 141 units sold respectively. In terms of value, Shenzhen ranked first with 520 million yuan, Shanghai ranked second with 360 million yuan, and Hangzhou and Guangzhou tied for third with 270 million yuan. After that, Beijing ranked 180 million yuan, and the rest of the cities were less than 150 million yuan.

The most popular high-priced property of the month was a penthouse (28 floors) in the third phase of the Shuixiehuadu Phase III in Futian, Futian, Shenzhen. It was sold for 72.685 million yuan on November 21. The auction attracted 11 people to sign up. After 95 rounds of intense bidding, the final transaction price had a 115.6% premium over the starting price. Among them, the 13th round had a single high price increase of 10 million yuan. The construction area of this property is 387.24 square meters, and the average transaction price is 187,700 yuan/square meter, which is higher than the average transaction price of 156,000 yuan/square meter of second-hand housing in the project in 2025. As a benchmark luxury house in the district, its core location value and high-end community quality are very attractive. This high premium transaction not only confirms the strong resistance of core luxury homes, but also clearly reflects the allocation preferences of high-net-worth groups for high-quality scarce assets.

This month, many cities continued to sell houses starting at low prices. The transaction price reached more than 10 times the starting price. There were 209 units of these properties, accounting for 6% of the total number of bids sold this month. Moreover, without exception, these properties are all ordinary assets that are normally traded, and are not common law listings involving litigation, bankruptcy, or case involvement. Although the extremely extreme “1 yuan auction” situation has declined, in the current French housing auction market, such ordinary assets that are normally traded have become one of the main components of the French auction channel. For example, cities such as Weihai, Shenzhen, Guangzhou, Huizhou, Tai'an, and Beihai all had more than 10 such real estate transactions this month.

03 Transaction rate

The turnover rate fell sharply in November to a new low during the year

According to CRIC sample survey data, the French house sale rate in November was 13.4%, up 5 percentage points from the previous month. In sync with the decline in transaction volume and transaction popularity, the French house auction transaction rate also declined markedly this month and fell to a new low during the year.

By city, among key cities, Shanghai rose to the top position with a transaction rate of 46%, while Hangzhou, Shenzhen, Nanjing, Nanchang, Taiyuan, Ningbo, and Fuzhou also ranked above 30%. The transaction rate of most Tier 1 and 2 cities is significantly higher than the national average. Among them, the transaction rate in cities such as Shanghai, Hangzhou, and Nanchang also increased significantly compared to the previous month, with a month-on-month increase of more than 10 percentage points.

04 Transaction premium

Premium listings accounted for a new low during the year, and the average transaction price was only 72% of the assessed price

Judging from the distribution curve of “transaction price/starting price” of sold properties, 62.5% of the French listings this month were premium transactions, a new low during the year. Among them, the top 10% of properties with a premium rate all have a premium rate of over 122%. Most of these properties are ordinary properties that are normally traded, and transactions are accelerated through legal auction channels. Because the starting price is extremely low, their premium rate is far higher than common types of legal auctions such as bankruptcy and lawsuits.

Looking at the “transaction price/evaluation price” distribution of common property auctions, the average transaction price of French auctions sold this month was only 72% of the assessed price, a further increase of 1.2 percentage points over the previous month. The price of only 8% of sold properties exceeded the assessed price. Most of these properties were improved residences with clear property rights, no accounts or rental disputes, and more than 90% were sold at one time. However, 70% of properties still require a discount of more than 20% before they can be sold, and most French homes still require sufficient discount before they can be sold smoothly.

05 Starting sale discount

The discount rate for sale listings has narrowed, and there is a divergence of judgments between supply and demand

The average discount rate for house auctions in November was 33.2%, up 0.5 percentage points from month to month, continuing the upward trend; the average starting discount rate for listed French auctions was 27.9%, down 1.1 percentage points, a new low during the year. The gap between the discount rate and transaction rate of hanging auctions was 5.25 percentage points, a new high since the second half of the year, and there was a divergence in price judgments between supply and demand.

The main reason for the divergence was the narrowing of sellers' discount rates for sale properties. The average discount rate in November was 29.3%, down 3.4 percentage points from the previous month. The narrowing of the discount rate for marketable properties indicates that current asset prices are gradually getting closer to sellers' psychological bottom line. To a certain extent, it can be seen as a positive sign that asset prices are stabilizing.