The Zhitong Finance App learned that from January to October 2026, the China Index Research Institute published an article stating that from January to October 2026, the national 355 city law auction market had a total of 654,000 listings, up 31.6% year on year; 772,000 lots closed, up 198,000 units, up 34.6% year on year; total transaction amount was 255.28 billion yuan, up 19.0% year on year; overall lot clearance rate was 24.4%, up 1.6 percentage points from the same period last year; the transaction discount rate was 74.3%, and the average transaction price was 5021 yuan/㎡, up 4.4% year on year.
Looking at key cities, Shenzhen, Shanghai, Beijing, Hangzhou, Guangzhou, and Chengdu are among the top in terms of transaction value. Among them, Shenzhen led with a clearance rate of 15.42 billion yuan, a clearance rate of 71.0%, a transaction discount rate of 92.4%, Shanghai 11.08 billion yuan, a clearance rate of 79.4%, Beijing 9.43 billion yuan, and a clearance rate of 53.8%.
Looking at the property structure, residential sales were the absolute main force in this round: 137,000 residential sales in January-October (up 46.6% year on year), with a transaction amount of 146.73 billion yuan (up 27.9% year on year), accounting for 57.5% of the total transaction amount; the residential clearance rate was 38.4%, which is significantly higher than commercial (16.3%), industrial (24.5%), land (22.5%), garage/parking space (9.2%). The average residential transaction price was 7974 yuan/㎡, down 6.4% year on year, showing a “steady increase in volume and price The “conversion amount” characteristic.
Figure: Monthly transaction trends in the national 355 city house auction market (January-October 2026)
Analysis of the house auction market in 355 cities across the country from January to October 2026
(1) Overall market: steady increase in volume and price of taped auctions
According to the monitoring of the French Auction database, from January to October 2026, 355 cities across the country had a cumulative total of 654,000 wall auctions (new lots), up 31.6% year on year; 772,000 lots closed, up 34.6% year on year; total transaction amount was 255.28 billion yuan, up 19.0% year on year; overall clearance rate of 24.4%, up 1.6 percentage points from the same period last year (22.8%); the transaction discount rate was 74.3%, and the average transaction price was 5021 yuan/㎡, up 4.8% year on year. It is worth noting that the growth rate of hanging auction volume and transaction volume (31.6%, 34.6%) is significantly faster than the transaction amount growth rate (19.0%), reflecting that while the market is increasing supply volume, the single-set/unit price center has moved downward, and the “volume compensation” characteristic is prominent.
Judging from the monthly pace, the number of hanging auctions has fluctuated since the beginning of the year, with May (70,000 pieces) and October (82,000 pieces) being high; sales volume performed well in March (19,000 pieces), September (23,000 pieces), and October (22,000 pieces). The clearance rate fluctuated between 12%-18% throughout the year. It fell to a low of 12.2% in February due to Spring Festival factors, rebounded to an annual high of 17.9% in March, and remained stable at 15% to 16% overall in the second half of the year.
(2) Property type structure: residential “half of the country”, followed by commercial industry
Looking at the transaction value structure, from January to October 2026, residential transactions amounted to 146.73 billion yuan, accounting for 57.5%, and remained the largest business format; commercial transactions of 55.38 billion yuan, accounting for 21.7%; industrial transactions of 31.06 billion yuan, accounting for 12.2%; land transactions of 11.52 billion yuan, accounting for 4.5%; other transactions of 9.18 billion yuan, accounting for 3.6%; and garage/parking space transactions of 1.46 billion yuan, accounting for only 0.6%. Housing and commerce together account for nearly 80%, and are the main battleground in the French auction market.
Judging from the clearance rate, housing led all business formats with 38.4%. Industry (24.5%), land (22.5%), and commerce (16.3%) declined in sequence. The garage/parking space clearance rate was only 9.2%, and the flow rate was over 90%, so the pressure to remove was greatest. Looking at the discount rate, the residential discount rate is 79.0% (that is, the transaction price is about 79% of the assessed price), which is the shallowest discount among all business formats. The commercial discount rate of 67.9% is the deepest among all business formats, reflecting that buyers of commercial assets have stronger bargaining power and more room for price discounts.
Figure 1-1: Percentage of transaction value by property type in the country (January-October 2026)
(3) Housing market: volume expansion as the main force, volume increase and price reduction
Housing will be the absolute main force in the 2026 French auction market. In January-October, 308,000 new residential lots were sold, and 357,000 lots were sold, up 46.6% year on year; the transaction amount was 146.73 billion yuan, up 27.9% year on year; the clearance rate was 38.4%, up 4.9 percentage points from the same period last year (33.4%), and removal efficiency improved markedly.
The price side presents “price for volume”: the average price of residential transactions was 7,974 yuan/㎡, down 6.4% year on year, with a discount rate of 79.0% (slightly deeper than 77.4% in the same period last year). This means that while the sales volume of French housing sales has increased significantly, the transaction price center has declined, the characteristics of the buyer's market are obvious, and the space for buyers and institutions to “pick up gaps” through the French auction channel has expanded.
Figure 1-2: Monthly transaction value and average price trend of domestic auctions nationwide (January-October 2026)
(4) Cities at various energy levels: the higher the energy level, the higher the clearance rate
Looking at the energy levels of cities, the French housing market is significantly divided:
First-tier cities (Beishang Guangshen) sold 10,190 residential units, transaction amount 41.05 billion yuan, clearance rate 64.2%, transaction discount rate 82.7%, average transaction price 33,293 yuan/㎡; second-tier city residential transactions were 55,175 units, transaction amount was 56.94 billion yuan, clearance rate 45.7%, average transaction price 8,339 yuan/㎡; third- and fourth-tier cities sold 71,768 units, with a transaction amount of 48.74 billion yuan, clearance rate 32.5%, average transaction price of 4805 yuan/㎡.
Looking at the share of transaction value, second-tier cities (38.8%) > third-tier and fourth-tier cities (33.2%) > first-tier cities (28.0%), but with high unit prices and high-definition inventory rates, first-tier cities contributed 28.0% of the transaction amount with 7.4% of transactions. The value of a single item is nearly 5 times that of third- and fourth-tier cities. Cities with higher energy levels are more “sought after”, discounts are shallower, and unit prices are higher. High-quality assets in core cities are still the focus of capital pursuit.
Figure 1-3: Comparison of residential transactions in various energy level cities
Analysis of the housing auction market in key cities from January to October 2026
(1) Top cities in transaction value: Shenzhen, Shanghai, Beijing and Hangzhou lead
From January to October 2026, the top 10 cities for residential sales were Shenzhen (15.42 billion yuan), Shanghai (11.08 billion yuan), Beijing (9.43 billion yuan), Hangzhou (6.44 billion yuan), Guangzhou (5.12 billion yuan), Chengdu (4.90 billion yuan), Chongqing (4.65 billion yuan), Suzhou (3.72 billion yuan), Ningbo (2.94 billion yuan), and Fuzhou (2.80 billion yuan). The total turnover of the top 10 cities was 66.50 billion yuan, accounting for 45.3% of the total domestic sales in the country. The agglomeration effect in leading cities was remarkable.
The total residential transaction amount for first-tier cities was 41.05 billion yuan, accounting for 28.0% of the country's residential transactions. It is completely consistent with the energy level of “first-tier cities”, and the asset value of core city law auctions is highly concentrated.
Figure 2-1: Top 15 residential transaction amounts in key cities (January-October 2026)
Table 2-1: Top 50 residential transaction amounts in key cities
(2) Shenzhen, Shanghai, Beijing
Shenzhen: From January to October 2026, 3,218 residential units were sold, with a transaction value of 15.42 billion yuan, ranking first in the country; clearance rate of 71.0%, transaction discount rate of 92.4%, average transaction price of 39,498 yuan/㎡. Shenzhen Fapao Housing is “extremely high in volume and price, and the discount is extremely low”, reflecting its strongest market carrying capacity. The French house is close to market-based pricing, the room for arbitrage has been fully compressed, and there is plenty of competition between buyers and sellers.
Shanghai: 1961 residential sales were sold, with a transaction amount of 11.08 billion yuan, a clearance rate of 79.4% (the highest in the country), a transaction discount rate of 78.6%, and an average transaction price of 43,947 yuan/㎡ (the highest in all key cities). Shanghai has the leading clearance rate, which shows that the efficiency of removing assets from legal auctions is excellent, but the discount rate is moderate, retaining a reasonable price safety cushion for buyers.
Beijing: From January to October 2026, 3,218 new residential lots were sold, 3,676 lots were closed, and 1976 units were sold. The clearance rate was 53.8%, the transaction amount was 9.43 billion yuan, and the average transaction price was 37,624 yuan/㎡. On a monthly basis, May (1.31 billion yuan) and September (1.28 billion yuan) were the highest transaction amounts, and July (150 items, clearance rate 27.4%) was the lowest; the clearance rate fluctuated in the 27%-56% range, with the highest in March (56.4%) and the lowest in July (27.4%). The influence of seasonality and the rhythm of hanging pictures was obvious.
Figure 2-2: Monthly transaction trends in the Beijing French housing market (January-October 2026)
Summary and trend judgment
Based on data from January to October 2026, the national housing market shows the characteristics of “structural differentiation and stable price growth”. The industry is in a period of convergence between accelerated judicial processing and deepening of the buyer's market. CI Buddy's judgment is as follows:
First, the supply side continues to expand, and the French market “soars high”. In January-October, hanging auctions increased 31.6% year on year, and transaction volume increased 34.6% year on year. The growth rate far exceeded the transaction amount growth rate (19.0%), indicating that this round of sales volume was more due to the expansion of the supply of low-priced assets, and legal auctions are becoming an important channel for clearing real estate stocks.
Second, housing is the absolute core, and the “price for quantity” logic is clear. Homes account for 57.5% of the transaction amount and far lead with a clearance rate of 38.4%, but the average price fell 6.4% year over year, reflecting increased bargaining power and increased room for discount. For those in need and investment, the cost performance window for residential buyers is opening. In contrast to this, commercial and parking space assets have high auction rates (over 90% of parking spaces), and elimination will still be a long-term problem.
Third, urban energy differentiation is the most prominent structural main line. First-tier cities have a clearance rate of 64.2% vs. 32.5% for the third- and fourth-tier cities, with an average transaction price of 33,293 yuan/㎡ vs. 4,805 yuan/㎡. Core cities sell assets “high unit price, high removal, and light discount”, while the third- and fourth-tier cities are “low unit price, low removal, and deep discount”. The trend of capital concentration in core cities will be difficult to reverse for some time to come. It is recommended that participants focus on high-liquidity targets in first-tier and second-tier cities.
Fourth, accelerate institutionalized and specialized participation. The overall discount rate remains in a stable range of around 74%. The pricing in the French auction market is gradually becoming more rational. The number of participants in bank non-performing asset disposal, AMC bailouts, and institutional batch storage is increasing, and the French auction channel is shifting from “individual missing out” to “institutional asset allocation.” The China Index Fapao database covers 355 cities across the country and can be traced back to 2015, providing a data foundation for institutions to determine the value of FAP assets and seize regional opportunities.
Overall, the 2026 French housing market is undergoing a transition from “scale expansion” to “structural optimization” under the dual effects of supply volume and price adjustments. High quality housing in core cities remains strong, and the pressure to eliminate non-residential businesses such as commercial and parking spaces will continue. Market players should follow the trend, using energy levels and business formats as anchors and price safety pads to seize the structural opportunities in the French auction market.