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July 12, 2019

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Housing index rises at slow pace in June

Shanghai’s existing housing index continued to rise at a slower pace in June amid weaker sentiment among home buyers.

The index, which monitors month-on-month price changes in 130 areas of the city, edged up 0.11 percent, or 5 points, to 3,931 points last month, the Shanghai Existing Housing Index Office said in its monthly report released yesterday.

Citywide, about 21,740 pre-occupied homes changed hands, a decrease of 6.8 percent from May. On a year-on-year basis, the figure climbed 42.2 percent. Pre-owned homes costing less than 3 million yuan (US$435,000) accounted for 63.1 percent of the total. Those worth 5 million yuan or more made up nearly 13 percent.

Prices of pre-occupied homes rose in 58 areas, fell in 37 and were flat in 35.

“While monthly transaction volume of pre-used homes fell for the third month, the 20,000-unit important barrier was still maintained as the retreat was still moderate,” the office said. “Meanwhile, on the price side, a continuously slow pace of growth also indicated stability in the market.”

By area, Pujiang in Minhang District, Sanlin and Zhoukang in the Pudong New Area were the three most sought-after communities in June, with sales of 558, 498 and 453 homes, respectively.

On the supply side, the local inventory of pre-occupied homes headed south again, dropping for two consecutive years. As of the end of June, the city had 65,558 pre-occupied homes available on the market, a month-on-month dip of 0.4 percent and a year-on-year drop of 22.7 percent, according to the office.

For the first half, a total of 122,200 units were sold around the city, an increase of 51 percent from the same period a year ago, a separate report released earlier by Shanghai Homelink Real Estate Agency Co showed.

The average cost of a pre-occupied home fell 6 percent year on year to 3.02 million yuan, or down 5 percent to 38,480 yuan per square meter, Homelink’s data showed.


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