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Existing home sales dip in local market
By Cherry Cao |
July 18, 2012, Wednesday
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Print Edition
Print Edition
SALES of existing homes dropped in Shanghai in the first half of this month as higher prices damped interest among potential buyers.
Xinzhuang in Minhang District, Pengpu in Zhabei District and Beicai in Pudong New Area saw transaction volumes dip significantly during the first 15 days of July, according to Century 21 China Real Estate.
"Some areas, particularly those that had robust sales of mid to low-end existing homes last month, saw notable drops in volume over the past two weeks," said Qiu Dan, a researcher at Century 21. "This was mainly due to owners raising asking prices amid improved sentiment in June. However, not every home seeker seems ready to pay just yet."
In Pengpu, purchases of previously occupied houses fell more than 30 percent from the same period a month earlier, one of the largest decreases in the city. This occurred after average prices climbed 1,000 yuan (US$158) per square meter, or about 5 to 6 percent, during the period, Century 21 data showed.
In Xinzhuang, average prices of existing houses rose 5 to 8 percent from the same period of June amid increased optimism among home owners. The area posted a drop of more than 30 percent in transaction volume.
"We've also noticed growing wait-and-see sentiment among buyers in July as visits paid by home seekers fell at least 10 percent in the first half of this month compared to the same period in June," said Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd. "The majority of home owners have raised their asking prices between 3 and 5 percent from a month ago."
Xinzhuang in Minhang District, Pengpu in Zhabei District and Beicai in Pudong New Area saw transaction volumes dip significantly during the first 15 days of July, according to Century 21 China Real Estate.
"Some areas, particularly those that had robust sales of mid to low-end existing homes last month, saw notable drops in volume over the past two weeks," said Qiu Dan, a researcher at Century 21. "This was mainly due to owners raising asking prices amid improved sentiment in June. However, not every home seeker seems ready to pay just yet."
In Pengpu, purchases of previously occupied houses fell more than 30 percent from the same period a month earlier, one of the largest decreases in the city. This occurred after average prices climbed 1,000 yuan (US$158) per square meter, or about 5 to 6 percent, during the period, Century 21 data showed.
In Xinzhuang, average prices of existing houses rose 5 to 8 percent from the same period of June amid increased optimism among home owners. The area posted a drop of more than 30 percent in transaction volume.
"We've also noticed growing wait-and-see sentiment among buyers in July as visits paid by home seekers fell at least 10 percent in the first half of this month compared to the same period in June," said Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd. "The majority of home owners have raised their asking prices between 3 and 5 percent from a month ago."
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