房地产市场周报：地产销售边际改善，存量商品房去化有望加速

Investment Rating - The report indicates a positive outlook for the real estate sector, suggesting that the ongoing support policies are expected to further improve market conditions [3]. Core Insights - The real estate market is experiencing marginal improvements in sales, with a notable increase in transaction volumes following the implementation of supportive policies and seasonal demand [2][11]. - The report highlights that the central bank and housing authorities are actively promoting measures to accelerate the de-inventory of existing properties, which is anticipated to enhance market stability [11][14]. - The overall sentiment in the real estate market is gradually recovering, although it remains cautious due to ongoing price pressures [11][12]. Summary by Sections Weekly Insights - Recent data shows a 24.26% week-on-week increase in transaction area for new homes in 30 major cities, with a year-on-year decline narrowing to 17.66% [2][11]. - The report notes that first and second-tier cities are leading the recovery in the housing market, with significant increases in transaction volumes [11][15]. Policy Dynamics and Key News - The Ministry of Housing and Urban-Rural Development has initiated efforts to purchase existing properties for affordable housing, aiming to boost supply and stabilize the market [12]. - The Hengqin Guangdong-Macao Deep Cooperation Zone has lifted housing purchase restrictions, indicating a broader trend of easing regulations across most regions [13]. - The central bank has introduced a package of supportive policies aimed at reducing mortgage rates and facilitating the sale of existing homes [14]. Housing Market High-Frequency Data - For the week of June 17-23, 2024, the total number of new homes sold in 30 major cities was 19,638 units, reflecting a 25.33% increase from the previous week [15]. - Cumulatively, from January 1 to June 23, 2024, the transaction area for new homes in these cities has decreased by 39.50% year-on-year [15][18]. Land Market High-Frequency Data - In the week of June 17-23, 2024, 100 major cities saw land supply increase by 43.21% compared to the previous week, while land transactions decreased by 33.87% [34][37]. - The average land price in these cities has shown a slight decrease, with the overall premium rate for land transactions rising to 4.74% [40][43]. Real Estate Development Investment Data - As of May 2024, total real estate development investment reached 40,632 billion yuan, marking a 10.10% year-on-year decline [46]. - The report indicates a significant reduction in new construction activities, with the area under construction decreasing by 11.60% year-on-year [48].