2024年11月房地产市场跟踪：房价现企稳迹象，政策加速落地继续保驾护航

Investment Rating - The report indicates a positive outlook for the real estate industry, highlighting signs of price stabilization and the effective implementation of supportive policies [4][12][17]. Core Insights - The real estate market is showing signs of stabilization in housing prices, supported by recent policy measures aimed at boosting market confidence and facilitating transactions [4][12][17]. - Recent tax policy adjustments have reduced the financial burden on homebuyers and developers, which is expected to stimulate both new and second-hand housing transactions, particularly in first-tier cities [5][6][9]. - The introduction of special bonds for the acquisition of idle land and urban village redevelopment is anticipated to further consolidate market recovery by addressing supply-demand imbalances [9][10][11]. Summary by Sections Market Overview - The report notes that housing prices are stabilizing, with October showing a reduction in the rate of decline in new residential prices across 70 major cities [14][15]. - The transaction volume for both new and second-hand homes has remained high, with significant year-on-year improvements expected as the year-end approaches [14][15]. Policy Impact - Recent tax reforms have lowered the deed tax rates for home purchases, particularly benefiting first-time buyers and those looking to upgrade their homes [6][9]. - The government has expanded support for urban village redevelopment, increasing the number of eligible projects and thereby enhancing market demand [11][13]. Supply and Demand Dynamics - The report highlights a decrease in the inventory of unsold homes, with the total area of unsold residential properties continuing to decline [18][19]. - Despite a high level of unsold inventory, the rate of new construction has slowed, which may help to balance supply and demand in the market [18][19]. Financing and Market Confidence - The bond market for real estate companies remains stable, with no new defaults reported, indicating a controlled risk environment for investors [20]. - The report emphasizes that the recent policy measures have bolstered market confidence, leading to improved sales performance among major real estate firms [14][15].