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New home sales up 30% but supply falls
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Shanghai鈥檚 new home sales rose more than 30 percent last week but supply dropped, suggesting a weak sentiment among developers, latest industry data showed.
Sales of new homes, excluding government-subsidized affordable housing, totaled 177,500 square meters during the seven-day period ended on Sunday as the market continued to grow for the fourth consecutive week, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
鈥淭hough the market kept gaining momentum, the weekly volume was still below the average seven-day level registered over the past 12 months,鈥 said Huang Zhijian, chief analyst at Uwin.
鈥淢oreover, the retreat in new home supply again suggests a slack sentiment among some of the developers.鈥
About 104,300 square meters of new homes were released citywide last week, a week-on-week plunge of 34.8 percent.
鈥淭he local market is yet to see a notable recovery one month after the Spring Festival as supply remained extremely inadequate,鈥 Huang said. 鈥淗opefully, sales volume will continue to pick up over the coming few weeks.鈥
The average cost of new houses climbed 2 percent from the previous week to 27,433 yuan (US$4,415) per square meter, Uwin data showed.
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