2024年11月统计局房地产数据点评：11月销售同比由负转正，投资端有待改善

Investment Rating - The report maintains a neutral rating for the real estate industry [1]. Core Insights - In November, the year-on-year sales growth turned positive, indicating a recovery in the market. The cumulative sales area of commercial housing from January to November 2024 was 86,118 million square meters, a year-on-year decrease of 14.3%, but the decline narrowed by 1.5 percentage points compared to the previous month. In November alone, the sales area was 8,188 million square meters, up 3.3% year-on-year, reversing the previous month's decline of 1.9% [11]. - The cumulative sales amount for the same period was 85,125 billion yuan, down 19.2% year-on-year, with a decline narrowing by 1.7 percentage points compared to the previous month. The sales amount in November was 8,270 billion yuan, showing a positive growth of 1.4% year-on-year [11]. - The improvement in sales reflects the effectiveness of the real estate policy measures implemented since late September [11]. Summary by Sections Sales - The year-on-year sales growth in November turned positive, with cumulative sales area and amount showing a narrowing decline compared to previous months. The cumulative sales area from January to November was 86,118 million square meters, down 14.3% year-on-year, while the sales amount was 85,125 billion yuan, down 19.2% year-on-year [11][18]. Development Investment - Cumulative development investment from January to November 2024 was 93,634 billion yuan, a year-on-year decrease of 10.4%, with the decline expanding by 0.1 percentage points compared to the previous month. In November, the single-month investment was 7,325 billion yuan, down 9.8% year-on-year [20][25]. Funding Availability - The total funding available for real estate companies from January to November was 96,575 billion yuan, down 18.0% year-on-year, with the decline narrowing by 1.2 percentage points compared to the previous month. In November, the single-month funding was 9,340 billion yuan, down 3.7% year-on-year [34]. The increase in deposits and advance payments by 6.5% year-on-year indicates a recovery in funding sources [34]. Investment Recommendations - The report suggests that the recovery in sales and improvement in funding availability may lead to increased market activity as companies push for year-end performance. The recent political meetings have released positive signals, and policies related to the purchase of existing homes and urban village renovations are expected to accelerate [39].