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Decline in pre-owned home sales negligible
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SHANGHAI’S pre-owned housing market performed relatively well and didn’t feel much of an impact from a mild drop in sales of such homes last month from December, according to industry data.
About 17,500 units of previously occupied homes were sold across the city last month, a month-on-month fall of 12.9 percent but a year-on-year rise of 21.2 percent, Shanghai Deovolente Realty Co said in a report released yesterday.
The homes were sold at an average 23,100 yuan (US$3,694) per square meter, down 1.4 percent from December and up 13.2 percent from the same period a year earlier.
“The monthly retreat was no surprise at all because January is a traditional low season for home purchases due to both the cold weather and the Spring Festival factor,” said Zhao Baogen, a Deovolente researcher.
“Moreover, compared with the new home market which suffered a plunge of more than 40 percent in sales volume during the same period, the decline was insignificant.”
The city’s downtown Huangpu District led with a 26.3 percent drop in sales while Xuhui, Putuo, Minhang and Hongkou districts all saw sales dropping over 15 percent, according to Deovolente data.
A separate report released yesterday also suggested a firm sentiment among buyers of pre-owned homes.
Shanghai’s existing housing index, which monitors month-on-month price changes, increased 0.24 percent, or 7 points, from December to 2,902 last month, according to a report by the Shanghai Existing House Index Office.
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