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New home sales remain high as prices set record
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NEW home sales in Shanghai remained high in November with the average home price hitting a record, a market research report showed.
The purchases of new homes, excluding government-funded affordable housing, climbed 31 percent from last year to 1.29 million square meters, Shanghai Deovolente Realty Co said in the report today.
The sales fell 8 percent from October but it was still the third highest November sales figure after 2006 and 2009.
New homes were sold for an average of 25,038 yuan (US$4,104.6) per square meter in November, a record high and a month-on-month increase of 0.4 percent.
"New home sales ebbed in the latter half of last month after Shanghai announced tightening measures," said Lu Qilin, a researcher with Deovolente. "The measures have postponed home purchasing decisions."
Shanghai on November 8 announced a set of rules aiming to slow down fast-rising home prices. The rules included raising the minimum down payment to 70 percent for second-home buyers from the previous 60 percent.
Lu said he expects home sales would continue to slow in December before picking up in February.
In the first 11 months, new home sales in Shanghai reached 11.84 million square meters, exceeding last year's annual figure of 9.39 square meters, the report showed.
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