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New home sales flat but average price drops
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NEW home transactions in Shanghai were little changed from a week ago while their average price fell due to higher sentiment in the mid- to low-end segment, latest market data showed.
The sales of new homes, excluding government-funded affordable housing, dipped 0.5 percent to 198,800 square meters last week while their average cost shed 11.4 percent to 25,097 yuan (US$4,048) per square meter, Shanghai Uwin Real Estate Information Services Co said in a report yesterday.
“With more than 1.1 million square meters of new supply coming onto the market over the past four weeks, the market momentum is expected to continue to recover,’’ said Huang Zhijian, chief analyst at Uwin.
“For March, the transactions of new homes may probably hover around 800,000 square meters in Shanghai, which is not bad though it will be a notable drop from the average volume of about 1.05 million square meters for March registered over the past seven years.”
As of Sunday, nearly 590,000 square meters of new houses had been sold citywide this month, or a daily average of 25,500 square meters. In January new home sales totaled 708,900 square meters and February saw 418,700 square meters sold, according to Uwin data.
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