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Existing homes see stable price last month

THE average price of pre-occupied homes climbed in fewer areas in Shanghai last month as a result of sluggish sales, Shanghai Existing House Index Office said in a report released today.

The city's existing housing index, which tracks month-over-month price changes in 130 areas around the city, edged up 0.17 percent in April, a decrease of 0.47 percentage point from a month earlier.

Average cost of pre-occupied homes rose in 64 areas, down from 92 areas in March. Prices fell in 34 areas and remained flat in the rest 32 areas.

"Sales of existing homes fell nearly 20 percent from March as more home-seekers tended to adopt the 'wait-and-see' sentiment with growing expectations for further price discounts," the office said. "Inadequate supply of quality existing homes also contributed to slack sales."

As of April, some 166,940 units of pre-occupied homes were put on the market for sale across the city, a decrease of 0.6 percent from March, according to the office.

Homes costing no more than 3 million yuan (US$433,288) remained the most sought-after type among buyers, accounting for 63.7 percent of total sales. Those with a price tag of between 3 million yuan and 5 million yuan took a 23.4 percent stake.


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