中国房地产快评：新房网签连续两月环比增加，行业核心指标共迎筑底

Investment Rating - The report indicates a positive outlook for the real estate industry, suggesting a potential bottoming out of key indicators [1][2]. Core Insights - The real estate market is showing signs of recovery, with new home sales and prices stabilizing due to favorable macroeconomic policies and market conditions [3][4][7]. - The sales area of new homes in November increased by 3% year-on-year, while sales revenue rose by 1%, indicating a positive trend in the market [7]. - The report highlights that the decline in new home prices has slowed, with a notable increase in the number of cities experiencing price rises [8][9]. Summary by Sections Economic Overview - The national economy has shown a recovery since September, with industrial growth accelerating and consumer spending increasing [3][4][5]. - Key economic indicators such as retail sales and fixed asset investment have also improved, contributing to a more stable employment situation [5]. Real Estate Market Performance - In November, the new home market saw a significant uptick, with sales area and revenue both showing positive year-on-year growth [7]. - The average absorption rate of projects in major cities reached 41%, marking a significant recovery in market activity [7]. Price Trends - The report notes that the year-on-year decline in new home prices has narrowed for the first time in 2024, with 17 cities reporting month-on-month price increases [8][9]. - The overall price index for new homes has decreased by 7.2% compared to January 2021, while second-hand homes have seen a 16.3% decline [8]. Construction and Investment - New construction starts in November increased by 17% month-on-month, although year-on-year figures still reflect a decline [10]. - Real estate development investment for the first eleven months of the year totaled 936.34 billion yuan, down 10.4% year-on-year, indicating a trend towards inventory reduction [16]. Future Outlook - The report anticipates continued improvement in the real estate market, driven by supportive policies and a recovering market sentiment [19]. - The upcoming months are expected to see further stabilization in sales and prices, with a focus on inventory reduction and construction activity [19].