第13周新房成交同比增速回落，供销比回落

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report highlights a decline in the year-on-year growth rate of new home transactions in the 13th week, with a decrease in the supply-to-sales ratio [2]. Summary by Relevant Sections New Home Transaction Data - In the 13th week of 2025, the total new home transaction area in 30 major cities was 2.44 million square meters, a week-on-week increase of 27.0% but a year-on-year decrease of 7% compared to 2024. - First-tier cities accounted for 710,000 square meters, up 15.3% week-on-week and up 12% year-on-year. - Second-tier cities saw a transaction area of 1.21 million square meters, up 37.3% week-on-week but down 14% year-on-year. - Third-tier cities had a transaction area of 520,000 square meters, up 22.5% week-on-week and down 10.7% year-on-year [9]. Cumulative Transaction Data - From March 1 to March 27, 2025, the cumulative transaction area in 30 cities reached 7.19 million square meters, a week-on-week increase of 49.4% and a year-on-year increase of 8%. - First-tier cities had a cumulative area of 2.19 million square meters, up 78% from February 2025 and up 32% year-on-year. - Second-tier cities recorded 3.44 million square meters, up 43% from February but down 1% year-on-year. - Third-tier cities had 1.55 million square meters, up 32.6% from February and up 3.1% year-on-year [9]. Second-Hand Housing Data - In the 13th week of 2025, the transaction volume of second-hand housing in 18 cities was 2.13 million square meters, a week-on-week increase of 4.39% and a year-on-year increase of 12.4%. - First-tier cities accounted for 551,000 square meters, up 2.1% week-on-week and up 38.3% year-on-year. - Second-tier cities had 1.49 million square meters, up 5.3% week-on-week and up 4.7% year-on-year. - Third-tier cities recorded 92,700 square meters, up 3.8% week-on-week and up 20% year-on-year [7]. Land Supply and Transaction Data - The land supply area in the last week was 11.92 million square meters, with a transaction area of 13.19 million square meters, resulting in a supply-to-sales ratio of 0.90. - The total land transfer amount was 39.3 billion yuan. - Year-to-date, the cumulative land supply area in 100 major cities was 1.62 billion square meters, down 24% year-on-year, while the cumulative transaction area was 1.81 billion square meters, down 4.3% year-on-year [9]. Market Performance - The real estate index was at 2083.66 points, down 1.43% week-on-week, while the CSI 300 index was at 3915.17 points, virtually unchanged. - Year-to-date, the real estate index has decreased by 4.00%, while the CSI 300 index has decreased by 0.50% [9].