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New home sales reach high mark
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SHANGHAI’S new home market rebounded sharply pushing seven-day sales to the highest in 13 weeks.
The purchases of new homes, excluding government-funded affordable housing, surged 40.9 percent week on week to 237,400 square meters during the seven-day period through Sunday, Shanghai Uwin Real Estate Information Services Co said in a report yesterday.
The average cost of new homes, meanwhile, climbed 6.7 percent from the previous week to 26,284 yuan (US$4,227) per square meter, Uwin data showed.
But Huang Zhijian, Uwin’s chief analyst, said the overall pace in the local housing market was still subdued.
“With supply outnumbering sales in both June alone and the first half (of the year), a downward pressure for home prices would continue to dominate the market,” he said.
As of Sunday, 670,200 square meters of new homes were bought in June in Shanghai while transactions for the six-month period totaled 4.02 million square meters, Uwin data showed. That compared with 1.04 million square meters and 5.23 million square meters in supply, respectively, during the same period.
“The big gap between supply and sales probably indicated that homeseekers are still sitting on the sidelines until more significant discounts can be offered by real estate developers,” Huang added.
A project in outlying Qingpu District sold 193 units last week at an average price of 14,847 yuan per square meter, becoming the best seller by sales, according to Uwin data.
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