The real estate "little spring" is here! Second-hand homes in Beijing, Shanghai, Guangzhou, and Shenzhen are experiencing a collective surge.

First-tier city real estate markets have welcomed a “small spring” in the property market.

In Guangzhou, the number of signed transactions for existing residential homes has broken 10,000 units, up 141.38% month-over-month. In Shenzhen, the total transactions of both new and existing commodity housing reached 11,851 units, up 117.1% month-over-month. In Beijing, existing residential homes closed 19,886 transactions in March, up 144.63% month-over-month, reaching the highest peak in nearly 15 months. In Shanghai, the cumulative number of signed transactions for existing homes has reached 31.3k units, the highest record in nearly five years since March 2021, with market enthusiasm reaching unprecedented heights.

According to The Paper, a programmer named Xiao Yu, who lives in the Jinqiao rental area, has been watching a particular home for almost a year. He originally planned to go check out the property during the Qingming holiday, but when he opened the app, he found the price had jumped directly by 500k yuan.

Zhang Bo, director of the 58 Anjuke Research Institute, noted that this year’s “small spring” in the housing market is more structural in nature—existing homes are stronger than new homes. It is not a widespread surge across the board. Instead, a differentiated trend is taking shape: core areas in first-tier and strong second-tier cities are first stabilizing and bottoming out, while lower-tier cities are still working on finding their base.