1-6月统计局房地产数据点评：楼市量价调整，政策预期再启

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The real estate market is experiencing a decline in both sales volume and price, with a need for policy support to stabilize the market [2][5] - In the first half of 2025, the total sales area of commercial housing reached 460 million square meters, a year-on-year decrease of 3.5%, while the sales amount was 4.4 trillion yuan, down 5.5% year-on-year [2][10] - The report highlights a widening decline in real estate investment, with a total investment of 4.7 trillion yuan, down 11.2% year-on-year [3][18] - The number of cities with rising housing prices is decreasing, indicating a need for policy measures to stabilize prices [4] Summary by Sections Sales Performance - In June 2025, the sales area of commercial housing was 110 million square meters, with a month-on-month decline of 5.5%, and the sales amount was 1 trillion yuan, down 10.8% year-on-year [2][10] Supply Side - Real estate development investment decreased by 11.2% year-on-year, with residential investment down 10.4% [3] - New construction area was 300 million square meters, down 20.0% year-on-year, while completed area was 230 million square meters, down 14.8% [3][18] Funding Situation - Funds available for real estate companies totaled 5 trillion yuan, down 6.2% year-on-year, with domestic loans increasing by 0.6% [3][20] Price Trends - In June 2025, new home prices in 70 cities fell by 0.3% month-on-month, while second-hand home prices decreased by 0.6% [4] Policy Outlook - The report anticipates a new round of policy measures aimed at stabilizing the real estate market, including potential adjustments to purchase restrictions and efforts to reduce inventory [4][5]