Shanghai second-hand home sales jump 33% in October, beating ‘Golden September’

The notable signal here is that October, typically a weaker month, outdrew September's 'Golden September' — an inversion that suggests demand momentum rather than seasonal timing is driving volumes. Lu Wenxi's point about several consecutive months of month-on-month price gains matters more than the headline transaction count, since volume alone can reflect distressed selling. The open question is whether this combination of rising volumes and firming prices holds through the quieter year-end period, or whether it reflects a burst of pent-up demand that fades.