房地产行业月报：10月地产销售回暖，市场止跌回稳可期

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [34]. Core Viewpoints - The report indicates that the real estate market is showing signs of recovery due to a series of supportive policies introduced in October, which aim to stabilize the market [6][31]. - October saw a significant increase in sales, with a 48% month-on-month rise in transactions across 30 major cities, marking the second-highest monthly sales this year [8][12]. - The average price of new residential properties in 100 cities rose by 1.92% from January to October 2024, with a month-on-month increase of 0.29% in October [20]. - The supply of new residential properties has slightly decreased, with a 31% year-on-year decline in the average monthly approved area for new listings in the top 50 cities [21]. - The land market is experiencing a slower supply pace compared to the previous year, with a 30% year-on-year decrease in the supply of operating land in October [24][26]. Summary by Sections 1. Policy - In October, multiple policies were introduced to support the real estate market, including a reduction in interest rates and measures to optimize land supply and housing policies [6][34]. 2. Sales - The sales volume of new homes in October increased by 6.7% month-on-month and 0.9% year-on-year, marking the first growth after 15 months of decline [12][14]. - The top 100 real estate companies reported a 4.9% year-on-year increase in sales in October, with a significant month-on-month growth of 70.1% [16] . 3. Housing Prices - The average price of new homes in October was 16,532 yuan per square meter, reflecting a 0.29% month-on-month increase and a 2.08% year-on-year increase [20]. 4. New Supply - The average monthly approved area for new residential properties in the top 50 cities was 1,113 million square meters, down 31% year-on-year [21]. 5. Land Market - The supply of operating land in October was 12,528 million square meters, a 30% year-on-year decrease, while the transaction volume also saw a 32% decline [24][26]. 6. Investment Recommendations - The report suggests that the recent policy measures are likely to restore market confidence, with expectations for continued sales recovery in core cities [31].