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Sales of pre-owned homes beat outlook
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SALES of pre-owned houses beat analysts’ expectations again when 33,000 units were sold in Shanghai in August amid a robust buying momentum in what was a traditional low season, according to latest market data.
The sales marked a month-on-month gain of 0.9 percent and an annual surge of 159 percent, Shanghai Centaline Property Consultants Ltd said in a report released yesterday.
Overall purchases of current properties covering all types, meanwhile, totaled about 34,000 units during the same period.
“Last month’s sales surprisingly surpassed that of July and were the highest ever registered for August, indicating an extended sentiment among home seekers,” said Sun Li, a senior researcher at Centaline Property.
“Upgraders have been the major source of buyers and the central bank’s latest cut in interest rates will fuel such momentum and may therefore push up home prices as demand remains robust.”
The median price of a pre-owned home, meanwhile, stood at 25,000 yuan (US$3,927) per square meter, up 0.6 percent from July and a gain of 21.6 percent from the same month a year ago.
About 103,000 units of pre-owned homes were available for sale at the end of August, up 4.9 percent from the end of July, according to Centaline data.
Shanghai’s existing housing index, which tracks price changes of pre-owned homes across the city, gained 24 points, or 0.8 percent, to 3,054 in August, with 99 of the 130 areas monitored recording month-on-month gains, the Shanghai Existing House Index Office said in a latest report.
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