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July 2, 2020

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New home market slips last month

Shanghai’s new housing market retreated in June amid lost sentiment among both buyers and real estate developers, latest market data showed.

By area, the amount of new residential properties sold, excluding government-subsidized affordable housing, fell 23 percent from a month earlier to 813,000 square meters, according to a regular monthly report released by Shanghai Centaline Property Consultancy Co yesterday.

“It was an expected withdrawal of the market after sales, driven by the burst of pent-up demand due to the COVID-19 outbreak, hit a 44-month high in May,” said Lu Wenxi, Centaline’s senior research manager. “A decline in new supply, coupled with some seasonal factors, also dampened momentum among home seekers.”

Meanwhile, the average price of a new home dropped 11.2 percent from May to 56,237 yuan (US$7,948) per square meter in June, as notably fewer properties in the high-end segment were sold compared with a month ago, the report said.


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