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Shanghai home prices hit new high
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THE price of new homes in Shanghai hit a new record last month, despite a dip in sales from June and the onset of the hot season.
The mean selling price in July rose 32 percent year on year and 0.9 percent from June to 34,639 yuan (US$5,580) per square meter, according to a report by Shanghai Uwin Real Estate Information Services Co.
Sales by area fell 9 percent from June, but soared 92 percent from July last year to 1.34 million square meters, it said.
The data exclude sales of government-subsidized housing.
鈥淒espite the month-on-month drop, the transaction volume was very high for the time of the year,鈥 said Huang Zhijian, Uwin鈥檚 chief analyst.
鈥淏ut inventories of new homes remain high, which means developers should be somewhat cautious,鈥 he said.
As of yesterday, the available stock of new homes for sale in Shanghai was 11.9 million square meters, according to fangdi.com.cn.
A separate report by Shanghai Deovolente Realty Co said the most popular development last month was in the Pudong New Area, where 291 apartments were sold at a mean price of 38,113 yuan per square meter.
On the supply side, 968,000 square meters of new homes were released to the market last month, an increase of almost 15 percent from June.
On a weekly basis, sales of new homes rose 14 percent from the previous seven days to 328,000 square meters, as the mean selling price fell 3.6 percent to 33,804 yuan per square meter, Uwin said.
The most sought-after development in the period was in Qingpu District, where 99 apartments sold at an average price of 20,989 yuan per square meter, it said.
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