房地产1-2月月报：新房市场仍待修复，投资端更弱于销售端

Investment Rating - The report maintains a "Positive" rating for the real estate sector, indicating optimism about future recovery and growth [4][21]. Core Insights - The investment side of the real estate market remains weak, with a significant decline in new construction and overall investment levels [4][20]. - The sales side has also seen a slight decrease, with sales area and sales revenue both declining year-on-year, although the average sales price has increased [32][31]. - Funding sources for real estate development are under pressure, but there are signs of improvement in financing conditions [33][34]. Summary by Sections Investment Side - In January-February 2025, real estate development investment totaled 1,072 billion yuan, down 9.8% year-on-year, with new construction down 29.6% and completed projects down 15.6% [4][20]. - The residential investment accounted for 75.1% of total investment, with a year-on-year decline of 9.2% [5][20]. - Regional investment performance varied, with the eastern region down 11.4%, central region down 8.7%, and western region down 3.3% [5][20]. Sales Side - The total sales area for real estate in January-February 2025 was 110 million square meters, a decrease of 5.1% year-on-year, while sales revenue was 1 trillion yuan, down 2.9% [32][20]. - The average sales price increased by 2.6% year-on-year, indicating some resilience in pricing despite overall sales volume decline [31][32]. - The residential sales area decreased by 3.4%, while non-residential sales saw a more significant drop of 15.0% [32][31]. Funding Side - Total funding sources for real estate development in January-February 2025 were 1.6 trillion yuan, down 3.6% year-on-year [33][34]. - Domestic loans decreased by 6.1%, while self-raised funds saw a smaller decline of 2.1% [34][33]. - The report notes that while funding remains tight, recent policy adjustments are expected to gradually improve the funding environment [33][34].