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Sales of pre-owned homes hit July high
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SALES of pre-owned homes in Shanghai last month fell 4.3 percent from June, but soared almost 160 percent year on year to 32,000 units, according to the latest industry data.
The monthly figure was the fourth in a row above 30,000 and a new high for July, Centaline Property said yesterday.
The mean selling price in the period fell 1.1 percent from June, but rose 23.4 percent from July last year to 25,000 yuan (US$4,026) per square meter, the company said in a report.
The sales figure 鈥渨as a record for July, which is traditionally a slack period,鈥 said Sun Li, a senior researcher at Centaline.
鈥淗owever, we did see buying momentum start to cool down towards the end of the month as inventories fell after several months of red hot sales,鈥 he said.
July sales rose from June in just three areas of the city 鈥 Baoshan District, Chongming County and Fengxian District 鈥 which reported gains of 6.2, 5.8 and 1.6 percent, respectively.
In general terms, downtown districts experienced larger month-on-month sales dips than suburban areas, the report said.
On the supply side, the number of pre-owned homes added to the market in July fell 8.4 percent from June to 25,000, Centaline said.
As with sales, the declines in the number of properties added were steeper in central areas than in the suburbs, according to the report.
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