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Existing home sales decline in Shanghai
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Sales of previously occupied homes fell in Shanghai last month mainly due to sluggish sentiment and reduced supply, latest market data suggested.
The purchases of existing houses dropped 11.2 percent from June to 19,800 units in July, bringing to an end a three-month rally, Century 21 China Real Estate, one of the city’s largest estate chains, said in a report released yesterday.
On a year-on-year basis, however, it represented a growth of 2.3 percent.
“The decline was no surprise as July and August are traditional slack season for property purchases because of the scorching weather,” said Huang Hetao, a Century 21 researcher.
“Moreover, the market is encountering a reduction in new supply following robust sales of existing homes during the first six months of this year.”
Across the city, new supply of previously used houses fell between 10 and 30 percent in July from a month earlier, according to a research by Century 21, which conducted surveys in nine selected areas, including Pengpu in Zhabei District, Sanlin in the Pudong New Area and Meilanhu in Baoshan District.
In particular, Pudong, Minhang and Baoshan accounted for a combined 45 percent of the city’s existing home sales.
By size and price, existing houses no larger than 70 square meters and with a price of no more than 1.2 million yuan (US$195,758) were the most popular among home seekers, Century 21 data revealed.
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