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Existing home sales dip to 24-month low
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SALES of pre-owned homes in Shanghai fell to the lowest in 24 months in February amid an insufficient supply and a divergent market outlook by buyers and sellers.
The purchases of existing homes totaled 11,612 units across the city last month, a monthly fall of 18.9 percent and a year-on-year drop of 20.4 percent, Shanghai Deovolente Realty Co said in a latest report.
“A sluggish momentum extended for the fifth straight month in Shanghai in February, which is itself a traditional slack season for home sales,” said Huang Hetao, deputy director of research at Century 21 China Real Estate.
“The supply of existing homes fell quite notably after an extremely robust 2013 while some individual landlords and homeseekers seemed to have rather different expectations on housing prices.”
The average cost of the pre-owned houses fell 4 percent from January to 19,612 yuan (US$3,205) per square meter last month, but this was up 14.5 percent from a year earlier.
The Pudong New Area and districts of Minhang and Baoshan again led others by transaction volume, according to Century 21 research.
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