房地产行业第 19 周周报（5：月4日-5月10日）新房二手房成交同比降幅仍然较大，二三线城市限购政策集中松绑

Investment Rating - The report maintains a positive outlook on the real estate sector, indicating a potential recovery driven by policy adjustments and market dynamics [1]. Core Insights - New home transaction area has turned positive on a month-over-month basis, with a 9.8% increase, although it still shows a significant year-over-year decline of 49.0% [1]. - The second-hand housing market also saw a month-over-month increase of 61.1% in transaction area, but a year-over-year decline of 25.4% [1]. - Inventory levels for new homes have decreased slightly, with a total inventory of 9,896 million square meters, reflecting a month-over-month decline of 0.1% and a year-over-year decline of 2.1% [1]. - The report highlights a shift in policy, with several first- and second-tier cities relaxing purchase restrictions, which is expected to stimulate market activity [1]. Summary by Sections 1. New Home Market Tracking - In 40 cities, new home transaction volume reached 19,000 units, a month-over-month increase of 7.6% but a year-over-year decline of 50.3% [12]. - The new home transaction area for these cities was 210.2 million square meters, reflecting a month-over-month increase of 9.8% and a year-over-year decline of 49.0% [12][31]. - Inventory for new homes in 12 cities stands at 155.9 million units, with a month-over-month decrease of 0.2% and a year-over-year decrease of 1.9% [19]. 2. Second-Hand Home Market Tracking - In 18 cities, second-hand home transactions totaled 19,000 units, with a month-over-month increase of 61.4% but a year-over-year decline of 25.0% [31]. - The transaction area for second-hand homes was 183.0 million square meters, showing a month-over-month increase of 61.1% and a year-over-year decline of 25.4% [31]. 3. Land Market Tracking - The total area of land transactions in 100 cities was 5,651 million square meters, reflecting a month-over-month decrease of 64.5% and a year-over-year decrease of 81.7% [6]. - The total land transaction value was 17.46 billion yuan, with a month-over-month decrease of 48.6% and a year-over-year decrease of 52.9% [6]. 4. Policy Overview - Recent policy changes include the relaxation of purchase restrictions in key cities, which is expected to boost market confidence and activity [1][19]. - The report anticipates that these policy adjustments will lead to increased market activity, particularly in core cities [1]. 5. Investment Recommendations - The report suggests focusing on three main lines: state-owned enterprises with solid fundamentals, relatively safe private enterprises, and real estate brokerage firms benefiting from the recovery in second-hand home transactions [1].