In May, there were 28,000 second-hand homes sold in Shanghai, reaching a new high in the same period in nearly 6 years.

In continuation of the heat of "Xiao Yangchun", the Shanghai real estate market saw the realization of the "Red May" market. According to data from "Online Real Estate", in May 2026, there were 28,023 second-hand housing transactions in Shanghai, an increase of about 31% compared to the same period last year. This transaction volume not only hit a new high for the same period in nearly 6 years, but also ranked second only to the transaction level of about 30,500 units in May 2020 within the past decade. Zhang Bo, the director of the 58 Anjuke Real Estate Research Institute, commented: "The strong performance of the Shanghai market in this round is essentially the repair rebound after the market's own cyclical bottom, combined with the continuous release of policy effects. During the previous adjustment cycle, many second-hand housing prices in the urban area had already shown obvious excessive decline, and the market itself has the power to recover, which is the fundamental driving force of transaction volume. After the Spring Festival, policies such as the optimization of purchase restrictions further opened the gate for demand release, leading to the continuation of high market heat for three consecutive months."