房地产行业第38周周报：央行拟于近期降准并引导 LPR 及存量房贷利率下降；北京拟适时取消普宅与非普分类标准

Investment Rating - The report does not explicitly state an investment rating for the real estate industry [1]. Core Insights - The new housing transaction area has seen a narrowing decline on a month-over-month basis, but a widening decline year-over-year, influenced by the traditional sales peak season and market sentiment [1][10]. - The second-hand housing transaction area has shifted from positive to negative month-over-month, with a significant year-over-year decline, reflecting ongoing market pessimism [1][10]. - New housing inventory has decreased both month-over-month and year-over-year, while the absorption cycle has increased [1][10]. - The land market has shown an increase in both volume and price, with a notable rise in total land transaction value [1][10]. - The domestic bond issuance scale for real estate companies has decreased significantly, indicating tighter financing conditions [1][10]. Summary by Sections 1. New Housing Market Tracking - In 40 cities, new housing transaction volume was 14,000 units, down 6.4% month-over-month and down 51.6% year-over-year [1][11]. - The new housing transaction area was 154.3 million square meters, down 1.9% month-over-month and down 53.1% year-over-year [1][11]. - First, second, and third/fourth-tier cities showed varying transaction trends, with first-tier cities experiencing a significant year-over-year decline of 56.2% [1][11]. 2. Second-Hand Housing Market Tracking - The second-hand housing transaction area in 18 cities was 111.0 million square meters, down 22.2% month-over-month and down 41.1% year-over-year [1][11]. - First, second, and third/fourth-tier cities also reported negative month-over-month growth rates, with first-tier cities seeing a year-over-year decline of 30.3% [1][11]. 3. Inventory Tracking - New housing inventory in 12 cities was 6,707 million square meters, with a month-over-month decrease of 30.5% and a year-over-year decrease of 4.2% [1][25]. - The absorption cycle for new housing inventory increased to 20.1 months, reflecting a longer time needed to sell existing inventory [1][25]. 4. Land Market Tracking - The total area of land transactions was 1,643.4 million square meters, up 23.8% month-over-month and up 5.7% year-over-year [1][6]. - The total land transaction value reached 502.2 billion yuan, reflecting a month-over-month increase of 216.6% and a year-over-year increase of 66.1% [1][6]. 5. Bond Issuance and Financing - The total bond issuance for the real estate sector was 2.7 billion yuan, down 71.2% month-over-month but up 73.6% year-over-year [1][8]. - The net financing amount was -6.62 billion yuan, indicating a net outflow of funds [1][8].