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New home sales fall for 2nd week
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SHANGHAI’S new home sales fell for the second consecutive week as buyers and developers adopted a wait-and-see stance, according to latest market data.
The purchases of new homes, excluding government-subsidized affordable housing, shrank 28.7 percent week on week to 146,900 square meters, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
The average cost of the homes surged 17.9 percent from the previous seven-day period to 27,138 yuan (US$4,364) per square meter, Uwin data showed.
“A wait-and-see attitude among both homeseekers and real estate developers led to slack sales,” said Huang Zhijian, chief analyst at Uwin. “If new home supply remains weak over the coming weeks, then it is highly likely that April’s transactions will fall below March’s, which is somewhat unexpected.”
The new supply of homes in Shanghai tripled from the previous week to 172,300 square meters last week, but it was still below the weekly average of 234,100 square meters over the past 12 months.
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