2024年11月房地产数据解读

Investment Rating - The report assigns a "Neutral" investment rating for the real estate industry as of December 16, 2024 [2] Core Insights - Real estate investment and new construction have seen a significant decline, with total real estate development investment reaching 936.34 billion yuan from January to November, a year-on-year decrease of 10.4% [3] - The area under construction by real estate developers has decreased by 12.7% year-on-year, totaling 726.01 million square meters, while new construction area has dropped by 23.0% [3] - In November alone, real estate investment fell by 11.6% year-on-year, although this represented a slight narrowing of the decline compared to previous months [3] - The sales of new commercial housing have also declined, with a total sales area of 861.18 million square meters from January to November, down 14.3% year-on-year, and sales revenue of 851.25 billion yuan, down 19.2% [3] - However, there was a month-on-month increase in sales area and revenue in November, with sales area rising by 3.3% and sales revenue increasing by 1.4% [3] - The price index for new commercial residential properties in 70 large and medium-sized cities fell by 6.1% year-on-year in November, but the rate of decline has narrowed compared to previous months [3] Summary by Sections Real Estate Investment Trends - From January to November 2024, real estate development investment was 936.34 billion yuan, down 10.4% year-on-year, with a monthly decline of 11.6% in November [3] - The area under construction decreased by 12.7% year-on-year, while new construction area saw a 23.0% drop [3] Sales Performance - New commercial housing sales area totaled 861.18 million square meters, down 14.3% year-on-year, with sales revenue at 851.25 billion yuan, a 19.2% decrease [3] - November showed signs of recovery with a 3.3% increase in sales area and a 1.4% increase in sales revenue [3] Price Trends - The price index for new commercial residential properties in November showed a year-on-year decline of 6.1%, but the decline rate has narrowed [3] - Second-hand housing prices also saw a year-on-year decrease of 8.5%, with a narrowing decline [3]