房地产统计局1-7月数据点评：7月新房销售降幅扩大，销售均价同比下行

Investment Rating - The industry investment rating is maintained as neutral [1] Core Viewpoints - In July 2024, new home sales saw an expanded year-on-year decline, with the average sales price also decreasing [2][3] - For the first seven months of 2024, the cumulative sales area of commercial housing decreased by 18.6% year-on-year, while the cumulative sales amount fell by 24.3% [2][8] - The average sales price per square meter for new homes dropped by 6.9% year-on-year, with a monthly decline of 4.8% in July [2][8] - Development investment remains weak, with a cumulative new construction area down by 23.2% year-on-year and a cumulative development investment amount decreasing by 10.2% [2][8] - Funding for real estate development has also contracted, with a cumulative funding decrease of 21.3% year-on-year [3][8] Summary by Sections Sales Data - In July 2024, the sales area of commercial housing decreased by 15.4% year-on-year, and the sales amount fell by 18.5% [2][8] - The average sales price for new homes in July was 0.98 million yuan per square meter, reflecting a 4.8% decline compared to the previous year [2][8] Development Investment - The cumulative new construction area for the first seven months of 2024 was 43,733 million square meters, down 23.2% year-on-year [2][8] - The cumulative development investment amount was 60,877 billion yuan, reflecting a 10.2% decrease year-on-year [2][8] Funding Situation - Cumulative funding for real estate development enterprises was 61,901 billion yuan, down 21.3% year-on-year [3][8] - Domestic loans showed a smaller decline of 3.8% year-on-year, while personal mortgage loans decreased by 34.0% [3][8] Investment Recommendations - The report suggests that core cities, where demand has been suppressed, may see an increase in second-hand home transactions, benefiting quality real estate companies like China Resources Land, China Merchants Shekou, and Greentown China [3][8] - The increase in second-hand home supply and price advantages over new homes are expected to sustain transaction activity [3][8]