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-2025-03-17

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 from negative to 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 land market is experiencing a decline in both volume and price, with a significant drop in land transaction area and total price compared to previous periods [5][10]. Summary by Sections 1. New Home Market Tracking - In the week of March 8 to March 14, 2025, new home transaction area in 40 cities was 2.38 million square meters, up 7.0% month-over-month and 15.9% year-over-year, although the year-over-year growth rate decreased by 8.8 percentage points [5][11]. - The transaction volume for new homes in first, second, and third/fourth-tier cities showed varying growth rates, with first-tier cities experiencing a 25.2% increase month-over-month [5][11]. 2. Second-Hand Home Market Tracking - The second-hand home transaction area in 18 cities was 2.16 million square meters, reflecting a 5.3% increase month-over-month and a 17.2% increase year-over-year, with first-tier cities showing a year-over-year growth of 46.3% [5][49]. - The report notes that the second-hand home market continues to exhibit strong demand, despite some fluctuations in growth rates across different city tiers [5][49]. 3. Inventory and Depletion Cycle - The new home inventory in 12 cities was 8.92 million square meters, with a month-over-month increase of 0.4% and a year-over-year decrease of 16.2% [5][38]. - The depletion cycle for new home inventory in these cities is 14.5 months, which has increased by 0.7 months month-over-month but decreased by 9.2 months year-over-year [5][38]. 4. Land Market Tracking - The total area of land transactions in 100 cities was 4.38 million square meters, down 74.1% month-over-month and 64.0% year-over-year, with total land transaction value at 8.02 billion yuan, reflecting an 83.1% decrease month-over-month [5][10]. - The average land price per square meter was 1,830.9 yuan, down 34.8% month-over-month but up 11.8% year-over-year [5][10]. 5. Policy Developments - Recent government policies aim to support land reserves and stabilize the real estate market, including the issuance of special bonds for local governments to acquire existing homes for affordable housing [5][10]. - Local policies in cities like Xiamen and Hangzhou have been introduced to enhance housing quality and support housing demand, indicating a proactive approach to market stabilization [5][10].