房地产行业第43周周报：本周新房二手房成交均走弱，新增与存量房贷利率下调均落地

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a potential recovery in the market driven by recent policy adjustments and interest rate cuts [1][4]. Core Insights - The new housing transaction area has shifted from positive to negative on a month-on-month basis, with a significant decline in both new and second-hand housing transactions [1][10]. - The report highlights that the central bank's recent adjustments to the Loan Prime Rate (LPR) and the reduction of existing mortgage rates are expected to stimulate demand in the housing market [1][4]. - The overall sentiment is that the real estate market is transitioning from a phase of "stable volume and declining prices" to "increasing volume and stable prices," with a recovery cycle anticipated to last approximately 12-15 months [1][4]. Summary by Sections 1. Key City New Housing Market and Inventory Tracking - In the week of October 19 to October 25, 2024, new housing transaction volume in 40 cities was 30,000 units, reflecting a month-on-month decrease of 9.6% and a year-on-year decrease of 11.9% [11][12]. - The new housing transaction area was 337.7 million square meters, with a month-on-month decline of 7.7% and a year-on-year decline of 6.1% [11][12]. - Inventory levels in 12 cities showed a total of 898,000 units, with a month-on-month decrease of 41.4% and a year-on-year decrease of 5.8% [17][22]. 2. Land Market Tracking - The total area of land transactions across 100 cities was 1,602.5 million square meters, down 9.4% month-on-month and down 49.6% year-on-year [5][6]. - The total land transaction value was 34.65 billion yuan, reflecting a month-on-month decrease of 24.6% and a year-on-year decrease of 42.8% [5][6]. 3. Policy Overview - Recent policy changes, including the reduction of mortgage rates, are aimed at stabilizing the real estate market and encouraging transactions [1][4]. - The report emphasizes the importance of upcoming economic indicators and events, such as the U.S. elections and Federal Reserve meetings, which may influence global investment decisions [1][4]. 4. Company Announcements and Bond Issuance - The total bond issuance in the real estate sector was 7.34 billion yuan, showing a month-on-month increase of 13.5% but a year-on-year decrease of 56.3% [1][8]. - The report notes that the net financing amount was 970 million yuan, indicating a challenging financing environment for real estate companies [1][8].