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Sales, prices of new homes in Shanghai push higher
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HOME buying sentiment continued to improve in Shanghai for the third consecutive week as robust sales of mid- to high-end projects also pushed average home prices to the highest level in 16 weeks, market data released today showed.
Purchases of new residential properties, excluding government-subsidized affordable housing, rose 19.6 percent week on week to 208,100 square meters, Shanghai Deovolente Realty Co said. The average cost of new homes, meanwhile, advanced 5.9 percent from the previous seven-day period to 29,429 yuan (US$4,747) per square meter, Deovolente data showed.
"The momentum among both home seekers and real estate developers rebounded last week as September, the traditional high season for property sales, was approaching its end," said Lu Qilin, a Deovolente researcher. "The abundant supply of high-end properties since the second half of August finally transferred to concrete sales."
Sales of luxury homes with a price tag of more than 50,000 yuan per square meter, for instance, reached 103 units during the week ended Sunday, a week-over-week increase of 33, according to Deovolente.
The supply of new homes, meanwhile, surged 109 percent week on week to 464,900 square meters, the highest in 46 weeks, according to a separate report released today by Shanghai Uwin Real Estate Information Services Co.
"Despite the rebound in both sales and supply, buying sentiment still seemed quite sluggish for this time of the year," said Huang Zhijian, chief analyst at Uwin. "Developers need to offer further price cuts or transactions won't be boosted."
As of Sunday, new home sales totaled 684,200 square meters so far in September, a daily average of just 24,400 square meters, Uwin data showed.
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