August registers robust sales of existing homes

By Cherry Cao | September 6, 2013, Friday |

Online Edition

SHANGHAI saw the August sales of existing homes increased both in volume and price, an industry report revealed today.

The sales of pre-owned houses rose 12.4 percent from July to 21,401 units last month while their average cost gained 2.2 percent to a record 18,951 yuan (US$3,091) per square meter, according to a research report released by Shanghai Deovolente Realty Co.

"The volume is the second-highest for the month of August in history and the average price of existing homes rose for a fifth straight month, further evidence that the market is well on the way to recovery," said Lu Qilin, a Deovolente researcher. "Sales picked up significantly in the second half of August with over 60 percent of the deals secured in that period of time."

All Shanghai districts except Jinshan and Zhabei registered a month-on-month increase in transaction with Chongming, Songjiang and former Luwan seeing gains of more than 20 percent, according to Deovolente.

Shanghai's pre-owned housing index climbed for 15 months in a row in August, the Shanghai Existing House Index Office said yesterday.

The index, which monitors price variations of pre-owned homes, added 32 points, or 1.14 percent, to 2,837 with prices rising in 81 of the 130 residential areas tracked by the office.

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August registers robust sales of existing homes

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