24年1-5月国家统计局房地产数据追踪：销售未见明显改善，投资持续承压

Investment Rating - The report maintains an "Outperform" rating for the real estate sector [2] Core Viewpoints - The real estate market has not shown significant improvement in sales, and investment continues to face pressure [2] - Policy measures are being optimized to stimulate demand, including a reduction in down payment ratios and the establishment of a 300 billion yuan re-loan for affordable housing [7] - The cumulative year-on-year decline in residential sales has slightly narrowed, with May's sales volume at 0.67 trillion yuan, down 30.5% year-on-year [5][6] Summary by Sections Sales Performance - In May, nationwide residential sales reached 0.62 million square meters, down 18.97% year-on-year, with a cumulative year-on-year decline of 23.6% [5] - The sales scale for May was 0.67 trillion yuan, reflecting a year-on-year decrease of 26.36% and a cumulative decline of 30.5% [5] Development Investment - Development investment remains under pressure, with a cumulative year-on-year decline of 10.10% in May, which has expanded compared to the previous month [7] - The cumulative year-on-year decline in residential construction area has reached 12.20%, with new starts in May at 0.48 million square meters, down 22.19% year-on-year [5][6] Financing Conditions - The cumulative year-on-year decline in funds available to real estate developers was 24.30% as of May, with personal mortgage loans down 40.20% [6][20] - Domestic loans accounted for 681 billion yuan, down 6.2% year-on-year, while pre-sales and deposits saw a significant drop of 36.70% [6]