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Caution seen in new home sales
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NEW home sales in Shanghai fell to the lowest in 11 weeks as buyers and real estate developers continued to be sluggish.
The purchases of new homes, excluding government-subsidized affordable housing, dropped 35.9 percent week on week to 125,900 square meters, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“The extremely small volume of transactions registered last week was partly due to the three-day Labor Day holiday,” said Huang Zhijian, chief analyst at Uwin.
“However, it is also true that more people are choosing to sit on the sidelines before clearer signals emerge.”
Developers, too, displayed a slack momentum.
New homes totaling 119,800 square meters were released to the local market last week, a weekly dive of 45.9 percent.
While the sales at the start of May were not so encouraging, analysts believe overall sales for the month might still be good if developers release more mid- to low-end projects over the coming weeks or give discounts to lure buyers.
Meanwhile, the average cost of the new houses in the city climbed 6 percent from the previous week to 27,933 yuan (US$4,472) per square meter, according to Uwin data.
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