房地产市场周报：调控政策迎来重大转变，楼市表现仍有待观察

Group 1 - The report indicates a significant decline in land inventory value thresholds for the top 100 cities, with a new threshold value of 1.89 billion yuan, down 32% year-on-year, while the total price and construction area thresholds also saw declines of 29% and 10% respectively, although the rate of decline is narrowing [3][87]. - The average land supply price in the top 100 cities is reported at 735.00 yuan per square meter, a decrease of 52.55% month-on-month and 65.53% year-on-year, while the average transaction floor price is 1,174.00 yuan per square meter, reflecting a month-on-month increase of 24.50% and a year-on-year decrease of 18.87% [18][19]. - The land premium rate for the week of May 13 to May 19, 2024, in 100 major cities is 1.83%, an increase of 1.18 percentage points from the previous week, with first-tier cities showing rates of 0.00%, 1.68%, and 2.05% respectively [4][5][19]. Group 2 - The report highlights that the inventory cycle for commodity housing in the top ten cities has expanded, indicating ongoing pressure to reduce inventory, with a total available area of 8,638.55 million square meters and a depletion cycle of 96.52 weeks as of May 19, 2024 [6][8]. - As of April 2024, the nationwide inventory of unsold commodity housing reached 74,553 million square meters, reflecting a year-on-year increase of 15.70%, while the sales area for the first four months of 2024 was 6,584.47 million square meters, resulting in a depletion cycle of 11.32 months [8][9]. - The report notes that the overall sales volume of commodity housing in 30 major cities has slightly contracted, with first and second-tier cities showing a week-on-week increase of 4.95% and 5.22% respectively, while third-tier cities experienced a decline of 17.27% [49][64]. Group 3 - The report discusses the significant changes in housing loan policies, including the removal of the lower limit on commercial housing loan interest rates and a reduction in housing provident fund loan rates, aimed at stimulating demand in the real estate market [60][61][62]. - It is noted that the People's Bank of China plans to establish a 300 billion yuan re-loan for affordable housing, which is expected to encourage financial institutions to support local state-owned enterprises in acquiring unsold commodity housing [62][63]. - The report emphasizes that the real estate market is undergoing a critical transformation, with a shift towards a focus on existing housing stock and a potential recovery in demand, particularly in core cities [42][43].