楼市去库存效果已现，全国商品房待售面积连降6个月

Core Viewpoint - The real estate market in China is showing signs of stabilization despite fluctuations due to domestic and international factors, with a reduction in inventory and a narrowing decline in sales and prices [3][4]. Sales Performance - From January to August 2023, the total sales area of new commercial housing reached 57,304 million square meters, a year-on-year decrease of 4.7%. The sales amount was 55,015 billion yuan, down 7.3% year-on-year [3]. - As of the end of August, the unsold commercial housing area was 76,169 million square meters, a decrease of 3.17 million square meters from the end of July, indicating a continuous reduction in inventory for six months [3]. Price Trends - In August, new residential sales prices in first-tier cities decreased by 0.1% month-on-month, while second-tier and third-tier cities saw declines of 0.3% and 0.4%, respectively. Year-on-year declines were 0.9%, 2.4%, and 3.7% for the three tiers [4][5]. - The number of cities with rising new home prices increased to 9 in August, compared to 6 in July, indicating a potential recovery in certain markets [4][5]. Inventory and Market Dynamics - The reduction in unsold housing inventory is seen as beneficial for balancing supply and demand, with some projects entering the completed phase, enhancing sales potential [3][5]. - The narrowing year-on-year price decline suggests that the market is moving towards a bottoming process, with some properties showing signs of price stabilization [5]. Policy Impact - Various policies have been introduced at both central and local levels to stimulate the market, including optimized purchase restrictions in major cities like Beijing and Shanghai [6]. - Following the new policies, Shenzhen reported a 19% week-on-week increase in second-hand housing transactions, indicating a positive market response [6]. Market Outlook - The market is entering the traditional peak season of "Golden September and Silver October," with expectations for increased activity as developers accelerate project launches, particularly for new products [6].