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Buying mood lifts sales and price of pre-owned homes
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The sales and price of pre-owned homes rose in Shanghai in September as buying sentiment among owners continued for another month.
About 36,000 units of pre-owned properties, mainly houses, were sold in the city last month, up 3.8 percent month on month and a year-on-year surge of 136.4 percent, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
Around 106,600 units of pre-owned homes were available for sale at the end of September, an increase from 103,200 units at the end of August, according to figures from Homelink.
“The reason why September’s growth seemed rather modest was mainly due to the extremely good sales recorded in July and August, a traditionally low season for property sales,” said Lu Qilin, director of research at Homelink.
“As a result, many home owners have raised their asking prices recently as demand from home seekers continued to be strong while market supply was far from sufficient,” Lu added.
A 50-square-meter apartment in Daning, Zhabei District, was sold for 3.3 million yuan (US$519,000) recently while the market price for a similar home was around 2.8 million yuan two months ago, according to Wen Zhengguang, a Homelink agent.
A separate report released earlier by the Shanghai Existing House Index Office also indicated the city’s pre-owned home market continued to be strong.
Shanghai’s pre-owned housing index, which tracks price changes of such homes in the city, gained 35 points, or 1.09 percent, to 3,089 in September, with 108 of the 130 areas monitored posting month-on-month gains.
“Sales of pre-owned houses stayed above the 30,000-unit threshold for five consecutive months in Shanghai as a series of stimulus policies have boosted buyers’ sentiment,” the office said.
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