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Existing house sales dip
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SALES of existing homes in Shanghai dropped for the fourth straight month in July.
The purchases of previously-occupied houses totaled 11,400 units last month, a dip of 0.9 percent from June, according to a Shanghai Deovolente Realty Co report. Average cost of a previously-used home, meanwhile, stood at 20,700 yuan (US$3,354) per square meter, down 0.6 percent from the previous month.
“High temperatures and rain kept people away while the local inventory of existing houses remained inadequate,” said Lu Qilin, a researcher at Deovolente. “The market is unlikely to see a rebound in August due to the hot weather.”
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