房地产市场周报：“银十”销售明显回暖，市场信心有所提振

Investment Rating - The report indicates a positive outlook for the real estate market, suggesting a potential recovery driven by policy effects and promotional activities by real estate companies [2][4]. Core Insights - The real estate market has shown significant signs of recovery, with a notable increase in transaction volumes in major cities. For the week of October 28 to November 3, the transaction area of commercial housing in 30 major cities increased by 31.66% month-on-month and 28.43% year-on-year [2][13]. - The report highlights that the new housing market has experienced its first year-on-year growth in transaction volume since June of the previous year, with a 0.9% increase in October [3][14]. - Despite the positive trends, the overall housing prices continue to decline, indicating that the recovery may not be stable yet. The market's recovery is primarily attributed to new policies and promotional activities rather than a fundamental improvement in demand [2][4][13]. Summary by Sections Weekly Insights - The report notes a significant recovery in the real estate market, with various high-frequency data indicating positive trends. The transaction area for commercial housing in major cities has increased significantly, reflecting improved market confidence [2][13]. Policy Dynamics and Important News - The Ministry of Housing and Urban-Rural Development held a meeting emphasizing the need to stabilize the real estate market and implement effective policies. The report also mentions a 0.9% year-on-year increase in new housing transactions in October, marking a turnaround after months of decline [3][14]. - The top 100 real estate companies reported a sales amount of 435.49 billion yuan in October, representing a 73% month-on-month increase and a 7.1% year-on-year increase, indicating a recovery in performance [3][15]. Commercial Housing Market Data - The report tracks the sales situation, noting that the transaction volume in major cities has increased significantly, particularly in first and second-tier cities, while third-tier cities have seen a slight decline [17]. - The cumulative transaction area for commercial housing in major cities has decreased by 30.90% year-on-year, indicating that while there is a recovery, the overall market remains at a low level [17][22]. Land Market Data - The land market has shown slight increases in both supply and demand, with 875 plots of land supplied in major cities, reflecting a 4.54% increase month-on-month [37]. - The average land price for supplied land has decreased by 4.68% month-on-month, indicating a potential cooling in land price inflation [41].