City’s existing housing index drops 0.71%

By Cherry Cao | September 4, 2014, Thursday |

Online Edition

SHANGHAI'S existing housing index continued to head south in August amid generally cautious sentiment among both buyers and sellers.

The index, which monitors month-over-month price changes, dropped 0.71 percent, or 21 points, from July to 2,919. It marked the third straight monthly decline, the Shanghai Existing House Index Office said in a report released today.

"It was the second straight month for the index to register a faster pace of decrease, evidence the market is undergoing a deeper correction," said the office’s Chen Zhen. "About 80 percent of homeowners who successfully sold their houses agreed to drop the asking price up to 10 percent."

Citywide, the prices of existing houses fell in 100 of 130 areas tracked by the office, compared with 77 in July.

By the end of August, the stock of existing homes stood at 102,888 units, a drop of 16 percent from the beginning of this year, the office said.

Real Estate

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City’s existing housing index drops 0.71%

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