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New home sales fall to lowest in 9 weeks
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NEW home sales plunged to the lowest in nine weeks due to a lingering cautious sentiment among homeseekers despite adequate supply, latest market data showed.
The purchases of new homes, excluding government-subsidized affordable housing, dropped 34.8 percent to 119,800 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report yesterday.
“Though August is usually a slack season for property sales because of the hot weather, the weekly volume of below 120,000 square meters still seemed a bit rare,” said Lu Qilin, a Deovolente researcher.
Lu, however, said the comparatively better performance in the luxury segment drove up the average price.
The average cost of a new home climbed 4.4 percent week on week to 27,685 yuan (US$4,496) per square meter, Deovolente data showed.
Tomson Riviera in the heart of Lujiazui, the Pudong New Area, the city’s most costly apartment project, sold one unit last week for 64 million yuan or an average price of 147,000 yuan per square meter. It was the second unit sold at the development so far this year, according to Deovolente.
New houses totaling 180,000 square meters, with most sited in the city’s outlying areas, were released locally last week, up 3.8 percent from the previous week.
A low of 181,800 square meters of new homes were sold in the first 10 days of August.
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