房地产行业第40周周报：国庆二手房成交同比明显改善，宏观及行业政策的集中释放提振市场热度

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a potential recovery in market sentiment and transaction volumes due to recent policy adjustments and market conditions [1]. Core Insights - The report highlights a significant improvement in year-on-year transaction volumes for both new and second-hand homes, driven by recent policy relaxations and improved buyer confidence [1][2]. - New home transaction area decreased by 30.1% week-on-week but increased by 117.9% year-on-year, indicating a recovery trend [1]. - Second-hand home transactions saw a remarkable year-on-year increase of 1459.4%, despite a week-on-week decline of 24.2% [1]. Summary by Sections 1. New Home Market Tracking - In the week of September 28 to October 4, new home transactions in 40 cities totaled 16,000 units, a week-on-week decrease of 40.9% but a year-on-year increase of 94.1% [7]. - The new home transaction area was 184.2 million square meters, reflecting a week-on-week decline of 30.1% and a year-on-year increase of 117.9% [7][19]. - Transaction volumes varied across city tiers, with first, second, and third/fourth-tier cities showing respective week-on-week declines of 34.1%, 41.1%, and 45.6% [7]. 2. Second-Hand Home Market Tracking - In 18 cities, second-hand home transactions totaled 7,000 units, down 58.6% week-on-week but up 1018.8% year-on-year [19]. - The transaction area for second-hand homes was 111.5 million square meters, with a week-on-week decline of 24.2% and a year-on-year increase of 1459.4% [19]. 3. Inventory Tracking - The new home inventory in 12 cities was 9,727 million square meters, with a week-on-week increase of 0.3% and a year-on-year decrease of 3.3% [15]. - The inventory turnover period for new homes was 21.3 months, reflecting a week-on-week decrease of 0.4 months and a year-on-year increase of 2.4 months [15]. 4. Land Market Tracking - The total area of land transactions was 1,971.6 million square meters, with a week-on-week increase of 78.2% and a year-on-year decrease of 25.0% [4]. - The total land transaction value reached 65.23 billion yuan, reflecting a week-on-week increase of 611.3% but a year-on-year decrease of 40.7% [4]. 5. Policy Overview - Recent adjustments in mortgage pricing mechanisms and administrative policies in major cities are expected to stimulate market activity and improve buyer sentiment [1][2].