房地产市场周报：国常会释放重要信号，期待政策进一步发力

Investment Rating - The report indicates a positive outlook for the real estate market, expecting further policy support to stabilize the market [5][12]. Core Insights - The report highlights that the real estate market is showing signs of gradual recovery due to the implementation of new policies aimed at boosting demand and stabilizing the market [6][12]. - The recent State Council meeting emphasized the importance of effective policy implementation and the need for new measures to address inventory and stabilize the market [13][14]. - Despite a decline in transaction volumes during the Dragon Boat Festival holiday, cumulative transaction areas have shown a narrowing year-on-year decline, indicating the positive effects of new policies [6][12]. Summary by Sections 1. Weekly Insights - The report notes that the real estate market is entering a phase of inventory adjustment, with a focus on stabilizing demand and ensuring project completion [11][12]. - It mentions that the long-term demand for housing in core cities is expected to remain strong despite demographic challenges [11]. 2. Policy Dynamics and Important News - The State Council meeting on June 7 emphasized the need for policies to take effect and the exploration of new measures to manage inventory and stabilize the market [13]. - Data from the Ministry of Housing indicates that 1.68 million old urban residential areas were renovated in the first four months of 2024, with a target of 5.4 million for the year [14]. - A strategic cooperation agreement was signed between financial institutions and real estate companies in Guangzhou to enhance financing channels and support market stability [15]. 3. High-Frequency Data on Commodity Housing Market - The report states that from June 3 to June 9, 2024, the transaction volume of commodity housing in 30 major cities decreased by 24.98% week-on-week and 31.03% year-on-year [16]. - Cumulative transaction areas for commodity housing in these cities have shown a year-on-year decrease of 40.99% since January 1, 2024 [16][19]. - The average transaction price of commodity housing in Shanghai increased by 4.63% during the same period [23]. 4. High-Frequency Data on Land Market - The report indicates that land supply and transaction volumes have decreased significantly, with land transactions in 100 major cities dropping by 66.15% week-on-week [36]. - The average land supply price in these cities decreased by 11.07% week-on-week, while the transaction price increased by 7.33% [40]. 5. Real Estate Development Investment Data - As of April 2024, cumulative real estate development investment reached 30,928 billion, a year-on-year decrease of 9.80% [46]. - The report highlights a significant decline in new construction and completion areas, with new construction down by 24.60% year-on-year [48].