房地产行业2026年1-2月统计局数据点评：单月销售降幅收窄，施工建安投资修复带动投资降幅收窄，新开工降幅小幅扩大

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [31]. Core Insights 1. Property Sales: In January-February 2026, the national sales area of commercial housing was 92.93 million square meters, with a year-on-year decline of 13.5%, a reduction of 2.1 percentage points compared to December 2025. The sales amount was 818.6 billion yuan, down 20.2% year-on-year, narrowing by 3.4 percentage points from December 2025 [2][6]. 2. Housing Inventory: The pressure from existing housing inventory has increased, with the broad inventory area reaching 1.45 billion square meters, down 2.7% from December 2025 but down 17.1% year-on-year. The de-stocking cycle is 26.4 months, which has increased by 0.8 months compared to December 2025 [6]. 3. Real Estate Development Investment: The development investment amount in January-February 2026 was 961.2 billion yuan, down 11.1% year-on-year, with the decline narrowing by 24.7 percentage points from December 2025. Residential development investment was 728.2 billion yuan, down 10.7% year-on-year [6][8]. 4. New Construction and Completion: The new construction area in January-February 2026 was 50.84 million square meters, down 23.1% year-on-year, while the completion area was 63.2 million square meters, down 27.9% year-on-year, marking the lowest level since 2011 [6][18]. 5. Developer Financing: The funds available to real estate companies decreased by 16.5% year-on-year to 1.3 trillion yuan, with a notable decline in sales receipts and external financing. However, the decline in external financing has shown signs of improvement [6][18]. Summary by Sections Property Sales - The sales area and amount for commercial housing showed significant year-on-year declines, but the rate of decline has narrowed compared to previous months [2][6]. Housing Inventory - Existing housing inventory is at its highest level since June 2016, with a broad inventory area of 1.45 billion square meters and a de-stocking cycle of 26.4 months [6]. Real Estate Development Investment - Development investment has decreased, but the rate of decline has narrowed significantly, indicating some recovery in construction activity [6][8]. New Construction and Completion - New construction and completion figures indicate ongoing challenges in the market, with both metrics showing substantial year-on-year declines [6][18]. Developer Financing - The financial situation for developers remains strained, but there are signs of improvement in external financing conditions [6][18].