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New home sales fall to lowest in 2 years
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NEW home sales in February in Shanghai fell to the lowest in 24 months amid a continued easing in buying sentiment, latest data showed.
The purchases of new homes, excluding government-subsidized affordable housing, totaled 418,700 square meters last month, down 41 percent from January and a drop of 23 percent from the same month a year ago, Shanghai Uwin Real Estate Information Services Co said in its latest report.
“While the Spring Festival holiday could be cited as a main reason for the month-on-month slide, the notable year-on-year drop in volume seemed quite unexpected,” said Huang Zhijian, chief analyst at Uwin.
“If such slack sentiment continues, the existing home market might also feel the pinch pretty soon with more individual owners releasing their homes to the market which could possibly result in some price cuts.”
The average price of the new homes added 0.2 percent from January to 25,702 yuan (US$4,193) per square meter, above the 25,000 yuan level for the fourth straight month, according to the data.
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