房地产行业第11周周报：本周楼市成交同比持续正增长；公积金贷款利率有望下调

Investment Rating - The report indicates a positive outlook for the real estate industry, with a focus on stabilizing the market and boosting demand [1]. Core Insights - The real estate market is showing signs of recovery, with new home sales area turning positive on a month-over-month basis, although the year-over-year growth rate has narrowed [1][5]. - The report highlights the importance of government policies aimed at stabilizing the real estate market, including potential reductions in housing provident fund loan rates and support for housing consumption [5][10]. - The report suggests that the recovery of the market will depend on the continuation of demand-side policies and the progress of urban renewal and land acquisition [5][10]. Summary by Sections New Home Market Tracking - In the week of March 8 to March 14, 2025, new home transaction area in 40 cities was 2.383 million square meters, a month-over-month increase of 7.0% and a year-over-year increase of 15.9% [11][21]. - The transaction volume for new homes in first, second, and third/fourth-tier cities showed varying growth rates, with first-tier cities experiencing a significant year-over-year increase of 39.2% [11][18]. Second-Hand Home Market Tracking - The second-hand home transaction area in 18 cities was 215.8 million square meters, with a month-over-month increase of 5.3% and a year-over-year increase of 17.2% [49]. - First-tier cities saw a year-over-year increase of 46.3% in second-hand home transactions, while second-tier cities experienced a slight decline of 0.6% [49][50]. Inventory and Market Dynamics - The new home inventory in 12 cities was 8.921 million square meters, with a month-over-month increase of 0.4% and a year-over-year decrease of 16.2% [38][39]. - The report notes that the inventory turnover period for new homes in first-tier cities is approximately 46.3 months, indicating a need for continued monitoring of market dynamics [25][46]. Land Market Tracking - The land market showed a significant decline, with total land transaction area in 100 cities dropping to 438.0 million square meters, a month-over-month decrease of 74.1% and a year-over-year decrease of 64.0% [7][10]. - The average land price per square meter was reported at 1830.9 yuan, reflecting a month-over-month decrease of 34.8% but a year-over-year increase of 11.8% [7][10]. Policy and Regulatory Environment - Recent government policies aim to support land reserves and stabilize the real estate market, including the issuance of special bonds for local governments [5][10]. - The report emphasizes the need for ongoing policy support to stimulate housing demand and ensure market stability [5][10].