房地产行业24年7月行业月报：低基数期销售表现平淡，政策偏向中长期发展

Investment Rating - The report rates the real estate industry as "Buy" [2] Core Insights - The policy environment is shifting towards long-term housing system construction and institutional development, with a focus on the acquisition of existing housing for affordable housing and the establishment of housing inspection, insurance, and pension systems [2][19] - In July 2024, the national sales amount of commercial housing was 619.7 billion yuan, a year-on-year decrease of 18.5%, with the decline expanding by 4.2 percentage points compared to June [2][35] - The financing market shows a slight improvement in funds available, with July's funds for real estate companies at 836.3 billion yuan, down 11.8% year-on-year, but the decline has narrowed by 3.4 percentage points compared to June [3] Summary by Sections 1. Policy Environment Overview - Local policies have been introduced 47 times in July 2024, with a focus on improving housing conditions and easing restrictions [16] - The "517 New Policy" has led to a relaxation of certain restrictions, with the four-limit policy index remaining unchanged for two consecutive months [16][18] - The government aims to ensure the delivery of 3.96 million housing units by the end of the year, with a focus on a tailored approach for each project [19] 2. Transaction Market Overview - The sales performance in July was below expectations, with a high proportion of cities experiencing price declines [33] - The cumulative sales amount from January to July 2024 was 5.33 trillion yuan, a year-on-year decrease of 24.3% [35] - The number of cities with new housing prices declining or remaining stable reached 97% in July [2] 3. Land Market Overview - The land transaction volume remains low, with a year-on-year decrease of 36.6% in July [2] - The average discount for land acquisition prices is estimated to be around 67% of the new housing market price [20] 4. Development Investment Market Overview - The new construction area in July was 57.1 million square meters, down 19.7% year-on-year, indicating a continued decline in investment [2] 5. Financing Market Overview - The financing environment is showing slight improvements, with a reduction in the decline of development loans [3] - The demand side saw a year-on-year decrease of 17.3% in returns, with a notable drop in mortgage loan scales [3]