全国商品房待售面积连续五个月减少

Core Viewpoint - The real estate market in China is showing signs of stabilization after a prolonged contraction, with a reduction in unsold housing inventory and a narrowing decline in new construction area [2][3]. Group 1: Market Trends - As of the end of July, the total unsold housing area in China decreased to 76,486 million square meters, marking a reduction of 462 million square meters from June, continuing a five-month downward trend [2]. - From January to July, the new housing construction area was 35,206 million square meters, representing a year-on-year decline of 19.4%, but the rate of decline has been narrowing for five consecutive months [3]. - The sales area of new commercial housing from January to July was 51,560 million square meters, down 4.0% year-on-year, with the decline rate narrowing by 14.6 percentage points compared to the same period last year [2]. Group 2: Investment and Financing - Real estate development investment from January to July totaled 53,580 billion yuan, down 12.0% year-on-year, while the area under construction decreased by 9.2% [2]. - The funding available to real estate developers was 57,287 billion yuan from January to July, a year-on-year decrease of 7.5%, with various funding sources showing mixed results [4]. Group 3: Regional Insights - The core cities are experiencing a robust land auction market, with significant land sales in cities like Shanghai, where the land transfer fee reached 28.6 billion yuan in July, setting a new monthly record for the year [3]. - The market is expected to maintain resilience in the second half of the year, supported by policy improvements and strong fundamentals, although regional disparities are anticipated to continue [3].