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Buyers鈥 stance sparks fall in home deals
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HOME transactions tumbled in Shanghai last week as buyers again decided to wait and see, latest market data showed yesterday.
The purchases of new homes, excluding government-subsidized affordable housing, dropped 23.6 percent from the previous seven-day period to 137,000 square meters, snapping a three-week rebound, Century 21 China Real Estate said in a report.
“It seemed that more homeseekers chose to sit on the sidelines for a while until the annual sessions of the National People’s Congress and the Chinese People’s Political Consultative Conference come to an end,” said Huang Hetao, vice director of research at Century 21.
“However, as new supply is rising, momentum will also likely pick up in the coming weeks.”
New home supply jumped 32.2 percent to 371,000 square meters last week, a separate research by Shanghai Uwin Real Estate Information Services Co showed. The supply stayed above the average weekly volume of 244,200 square meters seen over the past 12 months for the third straight week.
New homes sold last week cost an average 28,443 yuan (US$4,640) per square meter, an increase of 2.1 percent from the previous week.
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