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Home-buying mood drops to 5-month low
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Shanghai鈥檚 residential market was not able to carry the strong sales pace in late August to early September as buying sentiment fell to a nearly five-month low, a report said.
The area of new homes sold, excluding government-subsidized affordable housing, plunged 45.1 percent to 218,200 square meters last week, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
鈥淭he strong momentum we saw in late August failed to extend into the first week of September, which was partially affected by the national holiday to mark the 70th anniversary of the end of World War II,鈥 said Lu Qilin, director of research at Shanghai Homelink.
鈥淗owever, we expect the market to recover gradually and reach a climax hopefully in the last week of September, which happens monthly in the city between April and August.鈥
The median price of new homes rose 18.1 percent week on week to 31,662 yuan (US$4,972) per square meter, as medium to high-end homes took a larger share in overall sales, Homelink data showed.
A low-end housing development in outlying Jinshan District was the most popular in the city when it sold 51 units at 9,751 yuan per square meter each. Of the city鈥檚 top-10 projects, half of them were priced at above 30,000 yuan per square meter.
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