2024年8月统计局房地产数据点评：销售降幅收窄，开发投资仍承压

Investment Rating - The industry is rated as Neutral for the first time [2][30]. Core Insights - Sales decline has narrowed in the first eight months of 2024, influenced by seasonal factors, with July and August being traditional off-peak months for real estate sales [2][5]. - The cumulative sales area of commercial housing in China from January to August 2024 was 60,602 million square meters, a year-on-year decrease of 18%, with August's sales area at 6,453 million square meters, down 12.6% year-on-year [2][5]. - The cumulative sales amount for the same period was 59,723 billion, down 23.6% year-on-year, with August's sales amount at 6,393 billion, a decline of 17.2% year-on-year [2][5]. - New and second-hand housing prices continue to weaken, with the price index for new homes in 70 major cities decreasing by 0.7% month-on-month in August [2][14]. - Real estate development investment remains under pressure, with cumulative investment from January to August 2024 at 69,284 billion, down 10.2% year-on-year [2][20]. - New construction area has also faced pressure, with a cumulative area of 49,465 million square meters from January to August, down 22.5% year-on-year [2][22]. Summary by Sections Sales - The sales area and amount for commercial housing in the first eight months of 2024 showed a narrowing decline compared to the previous month, with cumulative sales area down 18% and sales amount down 23.6% [5][12]. Prices - The price index for new homes in 70 major cities decreased by 0.7% month-on-month in August, with year-on-year declines of 5.7% [14][17]. Development Investment - Development investment remains under pressure, with cumulative investment down 10.2% year-on-year, and new construction area also facing a decline of 22.5% year-on-year [20][22]. Investment Recommendations - Despite the seasonal sales decline, there is an expectation for a slight improvement in sales during the traditional peak season of September and October, with potential promotional efforts from real estate companies [2][28].