房地产行业24年6月行业月报：化解地产风险，成交降幅开始收窄

Investment Rating - The report rates the real estate industry as "Buy" [2] Core Viewpoints - The short-term policy direction focuses on "de-stocking and stabilizing demand," while the long-term goal is to improve institutional frameworks [18][19] - The cumulative index of restrictive policies has decreased significantly, indicating a reduction in policy constraints [25][28] - The sales market shows signs of improvement, with a narrowing decline in transaction volumes and a marginal increase in prices [2][18] - The financing environment is improving, with a notable decrease in the decline of funds available to real estate companies [2][30] Summary by Sections Policy Environment Overview - The 20th Central Committee's third plenary session emphasized the need to prevent and resolve risks in the real estate sector, with a focus on optimizing both existing and new policies [18][19] - The cumulative index of restrictive policies has dropped from 2304 in January 2022 to 852 by July 2024, a decrease of 63% [25][28] Transaction Market Overview - In June 2024, the total sales amount of commercial housing reached 1.15 trillion yuan, a year-on-year decline of 14.3%, but the decline has narrowed by 12.1 percentage points compared to May [2][18] - The average sales price growth turned positive for the first time in the year, with a month-on-month increase of 0.2% [2][18] Land Market Overview - In June 2024, the land transfer revenue in 600 cities was 179.6 billion yuan, a year-on-year decline of 52.0% [2][18] Development Investment Market Overview - The new construction area of commercial housing in June 2024 was 79.33 million square meters, a year-on-year decline of 21.7% [2][18] Financing Market Overview - The funds available to real estate companies in June 2024 amounted to 1.1 trillion yuan, a year-on-year decline of 15.2%, but the decline has improved compared to previous months [2][30]