According to the China Real Estate Association, the real estate market activity in some hot cities significantly improved in March, driven by multiple factors including increased supply, enhanced marketing efforts by real estate companies, and the continuous release of policy effects. The signs of recovery were evident. Particularly in first-tier cities and some core second-tier cities, the trading volume of both new and second-hand homes saw a notable increase MoM, ushering in a localized "mini spring" market. In March 2025, the new home transaction volume in 30 monitored cities reached 12.3 million m², up 79% MoM and 4% YoY. The rebound in transactions was propelled by the release of seasonal demand after the Chinese New Year, policy relaxation, and promotional activities by real estate companies. In Q1, the cumulative transaction volume in these 30 cities amounted to 28.1 million m², up 7% YoY.