Home sales still sluggish in city as supply drops

By Cherry Cao | November 25, 2013, Monday |

Online Edition

HOME buying sentiment remained sluggish in Shanghai last week despite an insignificant rebound while supply continued to drop.

The purchases of new residential properties, excluding government-funded affordable housing, climbed 5.3 percent from the previous seven-day period to 273,100 square meters, staying below the 300,000-square-meter threshold for the second straight week, Shanghai Deovolente Realty Co said in a report released today.

The average cost of new homes, meanwhile, edged up 0.7 percent week-on-week to 24,956 yuan (US$4,091) per square meter, Deovolente data showed.

“Market momentum started to ease since the local government issued further tightening policies on November 8, triggering a wait-and-see sentiment among home seekers,” said Lu Qilin, a Deovolente researcher. “At the same time, new home supply dived to a 12-week low as the government has tightened controls on sales permits, particularly on mid- to high-end projects, as part of its latest effort to cool down the market.”

Less than 130,000 square meters of new houses were released to the local market last week, a week-over-week drop of 41.3 percent, according to Deovolente.

As of Sunday, new home sales totaled 1.03 million square meters in Shanghai, an increase of 7.8 percent from the same period in October, according to a separate report released by Century 21 China Real Estate.

New home transaction volume for November may approach 1.3 million square meters, Century 21 predicted.

Real Estate

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Home sales still sluggish in city as supply drops

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