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New home sales drop on tepid sentiment
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SHANGHAI’S new housing market remained weak for another week as sentiment among homeseekers and real estate developers was extremely sluggish.
The purchases of new homes, excluding government-funded affordable housing, dipped 0.7 percent week on week to 125,100 square meters, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
The average cost of the new homes fell 4.1 percent from the previous seven-day period to 26,777 yuan (US$4,293) per square meter, Uwin data showed.
“The slack momentum was really uncommon for this time of the year as May often sees robust transactions of homes because the market has fully rebounded from the seasonal low of the Spring Festival,” said Huang Zhijian, chief analyst at Uwin.
“To make it even worse, the developers all seemed very hesitant to release their projects as they are still struggling whether to offer significant discounts to unload their supplies.”
Only 68,100 square meters of new houses were launched for sale last week, a weekly drop of 43.2 percent, according to Uwin data. An average weekly supply of 227,100 square meters was released over the past 12 months.
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