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City's weekly new home sales retreat on sentiment, hot weather
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WEEKLY sales of new homes fell below the 150,000-square-meter threshold again in Shanghai as wait-and-see sentiment coupled with hot weather held home seekers back from the market, industry data showed today.
Purchases of new residential properties, excluding government-funded affordable housing, dropped 12.4 percent week on week to 133,600 square meters during the week ending Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released today.
"The city's housing market continued to be subdued with both real estate developers and home searchers remaining very cautious," said Huang Zhijian, chief analyst at Uwin. "Sales won't be boosted unless developers can offer some attractive discounts."
The new homes were sold for an average 26,524 yuan (US$4,278) per square meter, a decrease of 3.9 percent from the previous week, Uwin data showed.
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