房地产行业2024年9月月报：9月楼市成交环比下降，各部委积极发言推动市场信心，看好Q4地产板块机会

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The report highlights a decline in real estate transactions in September, with new home sales decreasing by 2.7% month-on-month and 25.4% year-on-year, indicating a continued weak demand [7][12] - The report anticipates an improvement in transaction expectations for October following the implementation of new policies [14] - The real estate sector saw a significant increase of 36% in September, driven by positive policy signals and market recovery [26] Summary by Sections 1. New and Second-hand Housing Transactions - New home sales in September amounted to 9.384 million square meters, with a month-on-month decline of 2.7% and a year-on-year decline of 25.4% [9][12] - Second-hand home transactions in 18 cities totaled 6.691 million square meters, reflecting a month-on-month decrease of 9.9% but a year-on-year increase of 6.2% [12][16] - The report notes that the decline in second-hand home sales is less severe than that of new homes, attributed to price reductions and increased listings making them more attractive to buyers [12][13] 2. Land Market - The land transaction volume in September remained low, with a total planned building area of 197 million square meters, a month-on-month increase of 6.3% but a year-on-year increase of only 3.7% [26][27] - The average land price in September was 1,231 yuan per square meter, showing a month-on-month increase of 9.0% but a year-on-year decrease of 23.3% [5][26] 3. Real Estate Companies - The top 100 real estate companies reported a sales decline of 35.8% year-on-year in September, with total sales amounting to 192.9 billion yuan [5][26] - The report indicates that over half of the top 100 companies experienced a year-on-year decrease in land acquisition amounts [5][26] 4. Policy Environment - The report notes that macro and administrative policy adjustments have released positive signals, suggesting a potential turning point for the real estate market [26] - The report emphasizes that the recent policy changes are expected to stimulate demand and improve market conditions in the coming months [14][26]