样本城市周度高频数据全追踪：二手房网签面积同比降幅收窄-20250824

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [6]. Core Insights - The report highlights that the year-on-year decline in the area of second-hand housing contracts has narrowed, while the decline in new housing contracts has expanded. This reflects a mixed performance across different city tiers [4][8]. - The analysis suggests that the net rental yield and mortgage rate differential is a key observation point for total demand in both new and second-hand housing markets. It emphasizes the potential for earlier improvement in the new housing market compared to the second-hand market due to supply contraction and quality optimization [4]. - The report also notes that the current price-to-book (PB) ratio for the sector is approximately 1.0 times, which reflects concerns about the impact of current housing sales on business models. It suggests that the sector has entered an investment range, with leading companies showing an average PB of about 0.7 times [4]. Summary by Sections New Housing Contracts - The year-on-year decline in new housing contracts has expanded, with a notable decrease of 22% across sample cities, which is a worsening of 3 percentage points compared to July [3]. - The report indicates that the new housing contract area is at a low level compared to the same period over the past five years [8]. Second-hand Housing Contracts - The year-on-year decline in second-hand housing contracts has narrowed to 1%, showing an improvement of 6 percentage points compared to July [3]. - The report states that the average number of viewings for second-hand homes in 12 sample cities has decreased by 0.4 percentage points month-on-month, while the year-on-year increase has expanded by 3.0 percentage points [4][42]. Land Transactions - The cumulative area of land transactions from January to July 2025 has seen a year-on-year decline of 6%, with the average transaction price increasing by 32% [23]. - The report notes that the land transaction volume and average price trends indicate a tightening market, with a decrease in the proportion of properties with rising listing prices [4][48]. Inventory and Supply - The report highlights a decrease in the unsold inventory of new housing, indicating a potential improvement in the market dynamics [32]. - It also mentions that the unsold inventory cycle for new housing has decreased compared to June, suggesting a tightening supply situation [32].