房地产市场周报：整体销售量回落，各能级城市间分化明显

Investment Rating - The report indicates a cautious outlook on the real estate market, suggesting that while there are signs of stabilization, the overall market remains under pressure with potential for further adjustments in the near term [1][6][7]. Core Insights - The real estate market is experiencing a significant transformation, moving towards a "stock era" due to changes in supply and demand dynamics, with a notable decline in population growth impacting long-term demand [6][7]. - Recent policy measures have aimed to stabilize the market, with a focus on core cities showing resilience compared to the overall market [1][8]. - The report highlights a divergence in performance among different city tiers, with first and second-tier cities showing slight increases in sales, while third-tier cities face significant declines [1][8]. Summary by Sections Weekly Insights - The report notes a slight cooling in the property market, with a 5.01% decrease in sales area for the week of October 21-27, 2024, while first and second-tier cities saw increases of 1.75% and 4.43% respectively [1][8]. - Core cities like Beijing and Shanghai reported year-on-year increases in new construction area and development investment, indicating stronger market resilience [1][8]. Policy Dynamics and Important News - The 1-year and 5-year LPR rates were reduced by 25 basis points on October 21, 2024, reflecting ongoing monetary easing [9][10]. - Major banks implemented a batch adjustment of existing mortgage rates on October 25, 2024, aimed at supporting housing consumption [9][10]. Housing Market Data - The cumulative sales area of commercial housing in 30 major cities decreased by 32.16% year-on-year as of October 27, 2024, with a 17.1% decline in national sales area for the year [11][16]. - The average transaction price of commercial housing in Shanghai fell by 32.11% week-on-week, indicating price pressures in the market [18][20]. Inventory Situation - As of October 27, 2024, the available commercial housing area in the top ten cities was 84.52 million square meters, with a stock depletion cycle of 66.70 weeks [27][29]. - Nationally, the total unsold housing area reached 73.18 million square meters, reflecting a 13.4% year-on-year increase [29][30]. Land Market Data - The land supply and transaction volumes in 100 major cities decreased significantly, with land supply down 10.26% week-on-week and transaction volume down 33.13% [31][32]. - The total area of land supplied was 3.615 million square meters, a 1.99% decrease from the previous week [31][32].