11月房地产行业月报：利好政策密集出台，销售持续回暖

Investment Rating - The report maintains a positive outlook on the real estate industry, indicating that the overall return is expected to exceed the CSI 300 Index by more than 5% in the next six months [37]. Core Insights - The report highlights a series of favorable policies introduced in November aimed at stabilizing the real estate market, including tax incentives and the use of local government bonds to recover idle land [2][5]. - Sales in the real estate market have shown a significant recovery, with a 13% month-on-month increase in transactions across 30 major cities, reaching a total of 103,610 units sold in November, marking a new monthly high for the year [8][13]. - New housing prices in major cities have increased, with the average price of new residential properties rising to 16,592 yuan per square meter in November, reflecting a 0.36% month-on-month increase [22]. - The supply of new residential properties has also seen a month-on-month increase of 35% in November, although the overall supply remains low compared to previous periods [25]. - The land market has shown marginal improvement, with a reduction in the year-on-year decline of land supply and transaction volumes [27][30]. - The report suggests that the market's recovery is expected to continue into December, driven by year-end promotional activities from real estate companies [33]. Summary by Sections Policies - In November, multiple favorable policies were introduced to support the real estate market, including tax reductions and the recovery of idle land through local government bonds [2][5]. Sales - The sales volume of residential properties in 30 major cities reached 103,610 units in November, a 13% increase from the previous month and a 20% increase year-on-year [8][13]. - Sales in first and second-tier cities showed positive growth, while third-tier cities experienced lower fluctuations [13][14]. Housing Prices - The average price of new residential properties in 100 cities increased by 2.29% year-to-date, with November's average price at 16,592 yuan per square meter [22]. - The average price of second-hand residential properties was 14,278 yuan per square meter, with a slight decrease in the month-on-month decline [22]. New Supply - New residential property supply in November increased by 35% month-on-month, although the total supply for the year remains down by 32% [25]. Land Market - The land market showed signs of improvement, with a reduced year-on-year decline in land supply and transaction volumes [27][30]. Investment Recommendations - The report emphasizes the importance of ongoing policy effects and increased supply in driving market confidence and sales recovery, with expectations for continued market activity into December [33].