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July 14, 2020

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New home market ends 4-week gain

New home-buying sentiment in Shanghai cooled for the first time in five weeks amid continuously sluggish new supply, the latest market data showed.

The total area of new residential properties sold, excluding government-subsidized affordable housing, dropped 28.4 percent week over week to around 164,000 square meters during the seven-day period ending on Sunday, Shanghai Centaline Property Consultants Co said in a regular report issued yesterday.

Across the city, some 45,000 square meters of new homes spanning three projects were released into the local market, a further decrease of 5.8 percent from the previous week.

Despite a major withdrawal in transactions, the average price of new homes rose 18.8 percent week over week to 66,770 yuan (US$9,515) per square meter.


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