City’s existing housing index falls for first time in 2 years

By Cherry Cao | July 3, 2014, Thursday |

Online Edition

SHANGHAI'S existing housing index fell in June for the first time in two years with nearly half of areas tracked registering price decreases.

The index, which monitors price changes of pre-owned homes, dipped 0.05 percent, or 2 points, from May to 2,955, ending a 24-month rally, the Shanghai Existing House Index Office said today.

"Tightened credit, inadequate supply of existing houses as well as a high inventory of new homes jointly damped buying momentum," said the office’s Chen Zhen. "However, while cash flow is important to developers, individual home owners often have no incentive to reduce their asking prices to attract buyers. Thus, we don't expect major price declines despite the sluggish sentiment."

As of June, the number of existing homes available for sale totaled around 102,600 units across the city, a four-year low. The stock of pre-owned apartments less than 100 square meters in size registered the sharpest decline, the office said.

Existing house prices fell in 64 of the 130 areas tracked by the office in June, compared to 42 in May. Prices remained unchanged in 42 areas last month, compared to 36 in May.

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City’s existing housing index falls for first time in 2 years

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