房地产行业第33周周报：本周楼市成交面积同比降幅收窄，海南从供需两端优化地产政策-20250819

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The real estate market has shown signs of recovery with a narrowing year-on-year decline in transaction volumes for both new and second-hand homes. New home transaction area increased by 3.5% week-on-week, while the year-on-year decline was reduced to 9.4% [1][5] - The Hainan provincial government has introduced measures to optimize real estate policies, including support for multi-child families purchasing homes and the cancellation of residential classification standards. This is expected to enhance liquidity in the market and accelerate the pace of inventory clearance [1][6] - The report highlights four main investment themes: focusing on companies with stable fundamentals in core cities, smaller firms with significant breakthroughs in sales and land acquisition, companies undergoing operational changes, and real estate brokerage firms benefiting from the recovery in the second-hand housing market [6] Summary by Sections 1. Key City New Home Market, Second-Hand Home Market, and Inventory Tracking - New home transaction area in 40 cities was 167.3 million square meters, with a week-on-week increase of 3.5% and a year-on-year decline of 9.4%. The transaction area for second-hand homes also showed a week-on-week increase of 0.9% [1][5][16] - New home inventory in 12 cities was 11,211 million square meters, with a week-on-week increase of 0.2% and a year-on-year decrease of 15.3%. The inventory clearance cycle increased to 18.4 months [1][5][40] 2. Land Market Tracking - The total area of land transactions across 100 cities was 1,559.5 million square meters, down 4.9% week-on-week but up 68.4% year-on-year. The total land transaction price was 24.57 billion yuan, down 41.3% week-on-week but up 13.2% year-on-year [1][5][62] - The average land price was 1,575.4 yuan per square meter, reflecting a week-on-week decrease of 38.2% and a year-on-year decrease of 32.8% [1][5][62] 3. Policy Review - Recent policies from various regions, including Jiangsu, Hong Kong, Tianjin, and Guangdong, aim to enhance housing affordability and stimulate market activity through measures such as lowering down payment ratios and allowing withdrawals from housing provident funds for home purchases [1][5][93]