Existing home sales fall by one-fifth in city as buyers cautious

By Cherry Cao | January 7, 2014, Tuesday |

Online Edition

THE purchases of previously occupied homes fell in Shanghai in December as "wait-and-see" sentiment prevailed among home-seekers during the year’s end period.

Across the city, sales of existing houses dropped 17.3 percent from November to 18,038 units last month, or a year-on-year drop of 21 percent, Shanghai Deovolente Realty Co said based on research released today.

The average cost of these homes, meanwhile, stood at 19,501 yuan (US$3,197) per square meter, down 0.4 percent month-over-month and up 13.4 percent from same period a year earlier.

"An increasing number of home-seekers chose to take a cautious approach during the year’s end period, which is usually a low season for property purchases," said Zhu Ping, a Deovolente researcher. "However, we've noticed that individual homeowners showed mixed responses with some of them offering larger discounts to attract buyers while others continued to raise their prices."

By price range, existing homes with a price tag of less than 1.5 million yuan accounted for more than 60 percent of the total transactions in December, immediately followed by those costing between 1.5 million yuan and 2 million yuan, which took a share of 19.4 percent, a separate report released today by Century 21 China Real Estate showed.

For 2013, the city saw purchases of previously occupied homes surge 58.8 percent from 2012 to 292,895 units while average prices climbed 8.6 percent to 18,283 yuan per square meter, Deovolente data showed.

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Existing home sales fall by one-fifth in city as buyers cautious

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