土地月报｜成交同比降幅显著扩大，平均溢价率年内新低（2025年10月）

Core Viewpoint - The article emphasizes the significant decline in land transaction volumes and prices, highlighting the need for high-quality development in the real estate sector as outlined in the recent Fourth Plenary Session [2][4]. Supply and Demand - The supply of land in October 2025 was 82.94 million square meters, a 1% decrease month-on-month and a 34% decrease year-on-year [5][13]. - The total land transaction area was 60.57 million square meters, reflecting a 13% month-on-month decline and a 25% year-on-year decline [5][17]. Market Heat - The average premium rate for land transactions in October was 2.7%, marking a new low for the year, with only a few core cities maintaining transaction heat [6][23]. - The land auction success rate was 95%, remaining at a low level, with several parcels failing to sell due to insufficient future sales prospects [25]. Distribution - The transaction value in first-tier cities fell by 35% year-on-year, while second-tier cities saw a 42% decline, and third and fourth-tier cities experienced a 33% drop [7]. Future Outlook - The Fourth Plenary Session has set a clear direction for high-quality development in the real estate sector, focusing on improving housing quality and urban renewal [8][9]. - The land market is expected to maintain a low supply level while enhancing the quality of new residential land projects, driven by favorable policies and market adjustments [8][9].