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New home sales remain below weekly average
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BUYING sentiment for new homes rebounded in Shanghai last week but sales were still below the weekly average as homeseekers and real estate developers were still cautious overall, market data showed.
The purchases of new homes, excluding government-funded affordable housing, jumped 25 percent from the previous week to 183,500 square meters, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
Last week’s sales volume, however, came in below the weekly average of 222,000 square meters the city has seen over the past 12 months.
“Despite the weekly rebound, a slack sentiment continued to prevail in the market, with developers also showing some caution in releasing their projects,” said Huang Zhijian, chief analyst at Uwin.
Last week, around 172,200 square meters of new houses were released locally, almost flat from a week earlier. The past year saw a weekly average of 233,900 square meters of new homes, according to Uwin.
The new homes cost an average 25,822 yuan (US$4,146) per square meter, down 4.85 percent from a week earlier.
A low-end housing project in Lingang, the Pudong New Area, was the top seller last week with 318 units sold for an average 8,117 yuan per square meter.
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