房地产市场周报：楼市旺季销售不及预期，政策有待进一步优化

Investment Rating - The report does not explicitly provide an investment rating for the real estate industry Core Insights - The real estate market is experiencing a downturn, with a significant decrease in sales volume during the traditional peak season of September, indicating a need for policy optimization [1][6] - The overall market sentiment remains low, with the latest Loan Prime Rate (LPR) unchanged, contributing to market disturbances [1][6] - Despite a decline in sales, there is potential for policy measures to stimulate demand and improve market conditions in the future [1][6] Summary by Sections 1. Current Market Overview - The sales volume of commercial housing in 30 major cities decreased by 8.90% week-on-week, with year-on-year sales down by 56.21% [10] - The cumulative sales area from January 1 to September 22, 2024, in these cities has decreased by 34.44% year-on-year [10] 2. Policy Dynamics - The National Development and Reform Commission (NDRC) is working on policies to lower financing costs for enterprises and residents, aiming to maintain reasonable liquidity [8] - Beijing has announced plans to optimize real estate policies, including the potential cancellation of classifications for ordinary and non-ordinary residential properties [9] 3. Sales and Price Trends - The average transaction price of commercial housing in Shanghai increased significantly, while second-hand housing prices in major cities showed a downward trend [15][20] - The new residential price index for 70 major cities fell by 5.70% year-on-year, with significant declines across different city tiers [18] 4. Inventory and Supply - The inventory of commercial housing in major cities is increasing, with a current inventory cycle of 125.20 weeks [23] - The total available area of unsold commercial housing nationwide reached 73,783 million square meters, a year-on-year increase of 13.90% [25] 5. Land Market Insights - The land supply and transaction volume in major cities have decreased significantly, with land supply down by 67.08% year-on-year [28] - The average land transaction price has also seen a decline, with the average floor price dropping by 21.04% year-on-year [34]