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Shanghai existing property market remains heated in June
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SHANGHAI'S existing property market remained heated in June despite a moderate retreat in sales with prices continuing to head north at a faster pace.
About 35,500 units of existing properties, most of which homes, were sold across the city last month, a fall of 8.5 percent from May, Shanghai Deovolente Realty Co said in a report released today. That, however, represented a 171 percent surge from same period a year ago.
"The monthly transaction volume of existing properties remained above the 35,000-unit threshold for the third consecutive month, indicating robust sentiment among local buyers," said Lu Qilin, a researcher at Deovolente. "However, the withdrawal, though not so significant, might suggest the beginning of a cool-down in the next couple of months which should be a natural correction while July and August are also traditionally low season for property sales due to the hot weather."
The strong sentiment was also reflected in housing price.
The city's existing housing index, which monitors month-over-month price changes, rose 2.14 percent, or 64 points, to 2,996 last month, a separate report released recently by Shanghai Existing House Index Office showed. That accelerated from a 0.52 percent gain in May.
Citywide, the prices of existing houses rose in 108 of the 130 areas tracked by the office and fell in 8. Prices remained unchanged in the rest 14, the report said.
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