“百城价格指数”：9月百城销售均价：新建住宅环比上涨0.14%，同比上涨1.85%；二手住宅环比下跌0.70%，同比下跌7.13%；50城租赁均价：普通住宅环比下跌0.39%，同比下跌2.52%

Investment Rating - The report indicates a positive outlook for the real estate market, suggesting a potential marginal improvement in the fourth quarter of 2024 due to recent policy adjustments [3]. Core Insights - The average price of new residential properties in 100 cities increased by 0.14% month-on-month and 1.85% year-on-year, reaching 16,484 RMB per square meter in September 2024 [1][4]. - The average price of second-hand residential properties decreased by 0.70% month-on-month and 7.13% year-on-year, standing at 14,447 RMB per square meter [8][10]. - The average rental price in 50 cities fell by 0.39% month-on-month and 2.52% year-on-year, averaging 36.1 RMB per square meter per month [13][15]. Summary by Sections New Residential Price Index - In September 2024, the average price of new residential properties in 100 cities was 16,484 RMB per square meter, with 17 cities experiencing price increases and 63 cities seeing declines [1][4]. - The first-tier cities saw a month-on-month increase of 0.58% and a year-on-year increase of 3.95% [4]. - The second-tier cities experienced a slight decrease of 0.06% month-on-month but a year-on-year increase of 1.36% [4]. Second-hand Residential Price Index - The average price of second-hand residential properties in 100 cities was 14,447 RMB per square meter, with all cities reporting month-on-month declines [8][9]. - The first-tier cities saw a month-on-month decrease of 0.81% and a year-on-year decrease of 7.05% [8]. - The most significant year-on-year decline was observed in Changzhou, with a drop of 13.68% [10]. Rental Price Index - The average rental price in 50 cities was 36.1 RMB per square meter per month, with 4 cities reporting increases and 46 cities reporting declines [13][14]. - The most significant month-on-month decline was in Xiamen, with a drop of 0.78% [14]. - Year-on-year, the largest rental price increase was in Beihai, at 6.76% [15].