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Home sales drop 11.6% on cool interest
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The transaction volume of existing homes bought in Shanghai in October fell by double digits as buying momentum cooled while the average price also dropped slightly, an industry report showed yesterday.
The purchases of pre-owned houses shed 11.6 percent from September to 23,174 units last month while their average cost dipped 0.5 percent month on month to 19,074 yuan (US$3,130) per square meter, a research released by Shanghai Deovolente Realty Co revealed.
“Despite the retreat, the October volume was still the highest for that month in the city’s history,” said Lu Qilin, a Deovolente researcher. “Robust sales of existing houses registered in the city over the past few months led to a drop in inventory while rising prices also hurt some homeseekers’ interest.”
At the end of August, the stock of existing homes in the city totaled 131,800 units but it has since fallen to 126,300 units lately, Deovolente data showed.
All districts except Fengxian, Jinshan, Jing’an and Chongming posted a month-on-month drop in transactions. Huangpu District in the downtown led with a sharp drop of 38.4 percent in transaction volume.
However, Shanghai’s existing housing index, which monitors price variations of pre-owned homes, rose for the 17th straight month in October by 1.26 percent to 2,892 points.
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