房地产行业数据点评：9月新房和二手房价格继续承压

Investment Rating - The industry investment rating is maintained as "Buy" [3][6] Core Insights - In September, new home prices in 70 major cities fell by 6.1% year-on-year and 0.7% month-on-month, while second-hand home prices dropped by 9% year-on-year and 0.9% month-on-month, indicating a continued downward trend [2][3] - The report highlights that the real estate market is under significant downward pressure, but recent government meetings have indicated a commitment to stabilize the market, which may lead to a recovery in the sector [6] Summary by Sections New Home Prices - New home prices in September saw a year-on-year decline of 6.1%, with a month-on-month decrease of 0.7%. This marks a continuous decline for 30 months since April 2022 [2][3] - In September, 66 out of 70 cities experienced a month-on-month decline in new home prices, with only 3 cities showing an increase [2] Second-Hand Home Prices - Second-hand home prices fell by 9% year-on-year and 0.9% month-on-month in September, marking a record low in the decline [2][3] - The average transaction price for second-hand homes in 100 cities was 14,447 yuan per square meter, reflecting a year-on-year decrease of 7.1% [2] City-Specific Trends - In first-tier cities, new home prices fell by 4.7% year-on-year and 0.5% month-on-month, while second-hand home prices dropped by 10.7% year-on-year and 1.2% month-on-month [3] - In second-tier cities, new home prices decreased by 5.7% year-on-year and 0.7% month-on-month, with second-hand home prices down by 8.9% year-on-year [3] - In third-tier cities, new home prices fell by 6.6% year-on-year and 0.7% month-on-month, while second-hand home prices decreased by 9% year-on-year [3] Investment Recommendations - The report suggests that the recent government policies aimed at stabilizing the real estate market could lead to a recovery in the sector, particularly for strong developers and second-hand housing intermediaries [6]