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May 9, 2017

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New home sales fall but average price rises

NEW home sales fell last week in Shanghai amid lackluster supply but the average price rose above the 50,000 yuan (US$7,243) per square meter mark for the first time in five weeks.

The area of new homes sold, excluding government-funded affordable housing, shed 12.8 percent from the previous week to 165,000 square meters, Shanghai Centaline Property Consultants Co said in a report released yesterday.

The city’s outlying Qingpu District led with transactions of 33,000 square meters, a week-on-week rise of 22.2 percent. The Pudong New Area, where sales surged 78.5 percent to 25,000 square meters, was close behind.

But the supply of new homes fell to around 81,000 square meters last week from 84,600 square meters in the previous week, Centaline data showed.

“New home supply stayed below 100,000 square meters for two straight weeks, indicating slack momentum among real estate developers,” said Lu Wenxi, senior manager of research at Centaline.

“Weakness is expected to prevail in the market for some time with no signs for any policy relaxation.”

Meanwhile, the robust sentiment in the medium to high-end segments lifted the average price of a new home 7 percent to 50,217 yuan per square meter.

Apartments in half of the 10 best-selling projects cost 50,000 yuan per square meter and above. A project in Zhangjiang area in Pudong was the most popular after selling 102 units for an average of 63,324 yuan per square meter.


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