房地产行业第14周周报：受清明影响本周房成交环比转负，住建部发布国家标准《住宅项目规范》-2025-04-08

Investment Rating - The report suggests a positive outlook for the real estate sector, indicating a potential recovery in the market with a focus on demand stimulation and policy support [5][6]. Core Insights - The report highlights that new home transaction volumes have shown a mixed performance, with a decrease in week-on-week transactions but an increase year-on-year, indicating a potential recovery trend [17][18]. - The inventory of new homes has decreased both month-on-month and year-on-year, suggesting improved absorption rates in the market [40][29]. - The land market has experienced a rise in transaction volumes and prices, indicating increased developer interest despite a year-on-year decline in volume [62][65]. Summary by Sections 1. Key City New Home Market, Second-hand Market, and Inventory Tracking - New home transaction volume in 40 cities was 24,000 units, down 25.4% week-on-week but up 20.3% year-on-year. The transaction area was 2.774 million square meters, down 25.8% week-on-week but up 22.1% year-on-year [18][26]. - The inventory of new homes in 12 cities was 790,000 units, down 44.6% month-on-month and down 15.8% year-on-year, indicating a tightening market [29][37]. - The second-hand home market saw a transaction volume of 19,000 units, down 24.2% week-on-week but up 48.8% year-on-year, with a transaction area of 170,000 square meters, down 25.3% week-on-week but up 33.2% year-on-year [45][52]. 2. Land Market Tracking - The total land transaction area across 100 cities was 17.867 million square meters, up 33.4% month-on-month but down 22.2% year-on-year. The total land transaction price was 79.09 billion yuan, up 113.4% month-on-month and up 62.5% year-on-year [62][65]. - The average land price was 4,426.87 yuan per square meter, up 60.0% month-on-month and up 108.8% year-on-year, indicating strong demand for land despite fluctuations in volume [64][66]. 3. Policy and Investment Recommendations - The report emphasizes the importance of demand-side policies to stabilize the real estate market, suggesting that the recovery will depend on further easing measures and the pace of urban renewal projects [5][6]. - Recommended investment targets include companies with strong fundamentals in core cities, smaller firms showing significant breakthroughs, and those benefiting from the recovery in the second-hand market [5][6].