City's new home sales perk up to 13-week high

By Cherry Cao | June 30, 2014, Monday |

Online Edition

SHANGHAI'S new home market finally registered a major rebound in buyers' sentiment with last week's sales rising to the highest level in 13 weeks.

Purchases of new residential properties, excluding government-funded affordable housing, surged 40.9 percent to 237,400 square meters during the week ending Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released today.

Average cost of new homes, meanwhile, climbed 6.7 percent from the previous week to 26,284 yuan (US$4,239) per square meter, Uwin data showed.

"Despite the notable rebound, overall momentum in the local housing market still remained subdued," said Huang Zhijian, chief analyst at Uwin. "With supply outnumbering sales in both June alone and the first half, a downward pressure for home price will continue to dominate the market."

As of Sunday, new home sales in June totaled 670,200 square meters in Shanghai while transaction for the six-month period stood at 4.02 million square meters, according to Uwin data. That compared to 1.04 million square meters and 5.23 million square meters in supply, respectively, during the same period.

"The big gap between supply and sales probably indicated that home searchers are still sitting on the sidelines until more significant discounts can be offered by real estate developers," Huang added.

Around the city, a project in outlying Qingpu District managed to sell 193 units last week at an average price of 14,847 yuan per square meter, leading all others in terms of transaction volume, Uwin data showed.

Business Real Estate

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City's new home sales perk up to 13-week high

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