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Housing index flat on market stalemate
By Cao Qian |
August 5, 2011, Friday
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Print Edition
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SHANGHAI'S existing housing index was generally flat in July, and four downtown districts posted a very slight fall in prices.
The index, which monitors price fluctuations of existing homes across the city, gained 1 point, or 0.03 percent, from a month earlier to 2,598, extending its rise for 11 consecutive months, the Shanghai Existing House Index Office said yesterday. The index gained 0.09 percent in June and 0.15 percent in May.
"The minor increase recorded last month was due to the local market being stuck in a stalemate, with both buyers and sellers sticking to their own expectations and refusing to compromise," said Zhang Shu, an analyst at the index office. "For the coming months, as the restrictive policies by the central government remain, existing home sales will probably stay sluggish in the city."
The prices of existing homes in prime locations - including four downtown districts in Puxi and part of Pudong New Area within the Inner Ring Road - dipped 0.01 percent last month, the first fall in the city so far this year. They gained 0.08 percent in June and 0.34 percent in May, the index office said.
Across the city, prices in 61 of 128 areas tracked by the office added 0.33 percent on average last month while they fell 0.26 percent on average in 63 areas. Prices were unchanged in the remaining four areas from a month earlier.
"Existing homes in outlying areas accounted for most of the price decrease mainly because of abundant supply of new homes in those areas," said Huang Hetao, a researcher with Century 21 China Real Estate.
The index, which monitors price fluctuations of existing homes across the city, gained 1 point, or 0.03 percent, from a month earlier to 2,598, extending its rise for 11 consecutive months, the Shanghai Existing House Index Office said yesterday. The index gained 0.09 percent in June and 0.15 percent in May.
"The minor increase recorded last month was due to the local market being stuck in a stalemate, with both buyers and sellers sticking to their own expectations and refusing to compromise," said Zhang Shu, an analyst at the index office. "For the coming months, as the restrictive policies by the central government remain, existing home sales will probably stay sluggish in the city."
The prices of existing homes in prime locations - including four downtown districts in Puxi and part of Pudong New Area within the Inner Ring Road - dipped 0.01 percent last month, the first fall in the city so far this year. They gained 0.08 percent in June and 0.34 percent in May, the index office said.
Across the city, prices in 61 of 128 areas tracked by the office added 0.33 percent on average last month while they fell 0.26 percent on average in 63 areas. Prices were unchanged in the remaining four areas from a month earlier.
"Existing homes in outlying areas accounted for most of the price decrease mainly because of abundant supply of new homes in those areas," said Huang Hetao, a researcher with Century 21 China Real Estate.
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