房地产市场周报：税收新政如期落地，新房销售有所回暖

Investment Rating - The report indicates a positive outlook for the real estate market, suggesting a potential recovery driven by recent policy changes and market dynamics [1]. Core Insights - Recent tax policy changes have led to a rebound in new home sales, with a notable increase in transaction volumes across major cities [1][15]. - The report highlights that the housing demand in high-tier cities is being released, with significant increases in transaction volumes in first and second-tier cities [1][15]. - The overall market activity is shifting from first-tier cities to second-tier cities, indicating a broader recovery in housing demand [1][15]. Summary by Sections 1. Weekly Insights - The report notes a 30.89% week-on-week increase in transaction area for new homes in 30 major cities, with a year-on-year increase of 20.18% [1][15]. - First-tier cities saw a 16.06% increase, while second-tier cities experienced a remarkable 61.48% increase in transaction volumes [1][15]. 2. Housing Market High-Frequency Data 2.1 Sales Tracking - For the week of November 18-24, 2024, the number of new homes sold in 30 major cities was 25,422 units, reflecting a 34.30% increase week-on-week and a 24.08% increase year-on-year [1][18]. - The total transaction area for new homes was 280.38 million square meters, with cumulative year-on-year decreases of 28.35% since January 1, 2024 [1][18]. 2.2 Price Dynamics - The average transaction price for new homes in Shanghai rose to 58,848.97 yuan per square meter, marking a 12.46% increase from the previous week [1][26]. - The new residential price index for 70 major cities showed a year-on-year decline of 6.20% as of October 2024 [1][30]. 2.3 Inventory Tracking - As of November 24, 2024, the available housing inventory in the top ten cities was 82.34 million square meters, with a stock depletion cycle of 58.34 weeks [1][41]. - Nationwide, the unsold housing inventory reached 73,057 million square meters, reflecting a year-on-year increase of 12.70% [1][44]. 3. Land Market High-Frequency Data 3.1 Supply and Transaction Tracking - For the week of November 18-24, 2024, 1,357 plots of land were supplied across 100 major cities, a 14.23% increase week-on-week but an 8.50% decrease year-on-year [1][48]. - The total area of land sold was 2,296.81 million square meters, with a 37.02% decrease week-on-week but an 83.81% increase year-on-year [1][48]. 3.2 Price Dynamics - The average land price for supplied plots was 1,412 yuan per square meter, down 12.24% week-on-week and 27.70% year-on-year [1][55]. - The average transaction price for land was 1,943 yuan per square meter, reflecting a 22.77% decrease week-on-week [1][55]. 4. Real Estate Development Investment Data 4.1 Investment Completion - As of October 2024, cumulative real estate development investment reached 86,308.85 billion yuan, a year-on-year decrease of 10.30% [1][64]. - Residential investment totaled 65,644.28 billion yuan, also down 10.40% year-on-year [1][64]. 4.2 Development Process Tracking - Nationwide, the area under construction was 720,659.80 million square meters, down 12.40% year-on-year, while new construction area decreased by 22.60% [1][66].