房地产行业2024年10月70个大中城市房价数据点评：70城房价环比跌幅收窄，一线城市二手房房价环比增速转正

Investment Rating - The report rates the real estate industry as "Outperform" [1][17]. Core Insights - The report highlights that the price decline of new and second-hand homes in 70 major cities has narrowed, with new home prices decreasing by 0.5% month-on-month in October 2024, a reduction of 0.2 percentage points from the previous month. Second-hand home prices also fell by 0.5%, with a decrease of 0.4 percentage points compared to the previous month [1][5]. - The report notes that the number of cities experiencing a decline in second-hand home prices has significantly decreased, indicating a potential market recovery. In October 2024, 63 cities saw new home prices decline, down by 3 cities from September, while 59 cities experienced a drop in second-hand home prices, a reduction of 11 cities from the previous month [1][5]. - The report emphasizes that first-tier cities have shown a smaller decline in new home prices compared to second and third-tier cities, with second-hand home prices in first-tier cities experiencing a month-on-month increase for the first time in 17 months [1][5]. Summary by Sections Price Trends - New home prices in first-tier cities decreased by 0.2%, while second-hand home prices increased by 0.4%, marking a significant shift in market sentiment [1][5]. - In second-tier cities, new home prices fell by 0.5%, and second-hand home prices decreased by 0.4%, with notable increases in cities like Hangzhou and Chongqing [1][5]. - Third-tier cities also saw a narrowing of price declines, with new home prices down by 0.5% and second-hand prices down by 0.6% [1][5]. Market Outlook - The report suggests that despite ongoing price declines, the market is showing signs of recovery, particularly in key cities, driven by supportive policies and improved buyer sentiment [1][5]. - The report recommends focusing on investment opportunities in the real estate sector, particularly in Q4, as the market begins to stabilize [1][5].