New home sales hit six-month high in Shanghai

By Cherry Cao | October 20, 2014, Monday |

Online Edition

NEW home purchases rose to the highest in more than six months in Shanghai last week amid continuously recovering sentiment among home seekers and real estate developers, latest industry data showed.

Sales of new residential properties, excluding government-funded affordable housing, climbed 2.3 percent week on week to 279,500 square meters, extending strength for the second straight week, Shanghai Deovolente Realty Co said in a report released today.

New home supply, meanwhile, surged 55.2 percent from the previous week to 365,300 square meters during the same period, according to Deovolente data.

"Amid rather ample supply over the past two weeks, seven-day transaction of new houses soared to the highest since April, indicating improved momentum among home buyers as October, one of the few months in a year when property sales are usually robust, is approaching its end," said Lu Qilin, a Deovolente researcher. "We therefore expect notably better sales this month compared to September."

By price, new homes were sold for an average 28,366 yuan (US$4,627) per square meter, an increase of 7.7 percent from the previous week. A total of 132 units of luxury units -- carrying a price of 50,000 yuan per square meter and above -- were sold across the city, a rise of five from the previous week, Deovolente data showed.

"While the local new housing market continued to gain strength, inventory remained at a high level, which means developers should continue to provide discounts to unload their stock," said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co.

As of today, new homes available for sale stood above 12.5 million square meters in Shanghai, according to the city's official real estate website Fang.com.

Real Estate

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New home sales hit six-month high in Shanghai

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