房地产统计局1-12月数据点评：12月新房销售金额同比增长，新开工面积降幅收窄

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In December, the sales amount of new homes continued to grow year-on-year, while the decline in new construction area narrowed. The cumulative sales area of commercial housing for the year 2024 was down by 12.9% year-on-year, an improvement from the previous decline of 14.3%. The cumulative sales amount decreased by 17.1%, compared to a prior decline of 19.2%. In December, the sales area showed a slight decline of 0.5%, while the sales amount increased by 2.4% year-on-year, and the average sales price rose by 2.5% [1][2][3] - The new construction area and completion area saw a narrowing decline in December, with cumulative new construction area down by 23.0% year-on-year, consistent with the previous value. The cumulative completion area decreased by 27.7%, slightly worse than the prior decline of 26.2%. The cumulative development investment amount fell by 10.6%, compared to a previous decline of 10.4% [2] - The funding received by real estate developers showed an expanded decline in December, with cumulative funding down by 17.0% year-on-year, an improvement from the previous decline of 18.0%. In December, the single-month funding decreased by 7.1% year-on-year, compared to a prior decline of 4.8%. Domestic loans and self-raised funds also saw declines, while personal mortgage loans showed a slight increase of 0.9% [3] - The current policy direction is clear, with the central government showing a commitment to stabilize and recover the real estate market. Future policies are expected to remain proactive, with increased efforts to implement these policies. The real estate sector is anticipated to benefit from more positive and sustained policy support on both supply and demand sides, suggesting continued investment opportunities in the sector [3] Summary by Sections Sales Data - December new home sales amount increased year-on-year, with a cumulative sales area decline of 12.9% and a sales amount decline of 17.1% for 2024 [1] - December sales area showed a slight decline of 0.5%, while sales amount increased by 2.4% year-on-year [1] Development Investment - December new construction area and completion area saw a narrowing decline, with cumulative new construction area down by 23.0% and completion area down by 27.7% [2] - Cumulative development investment amount fell by 10.6% [2] Funding Data - Cumulative funding for real estate developers decreased by 17.0% year-on-year, with December single-month funding down by 7.1% [3] - Domestic loans and self-raised funds also saw declines, while personal mortgage loans increased by 0.9% [3]