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New home sales slump 12.7%
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New home transactions fell below 200,000 square meters again in Shanghai last week while robust sales registered in the mid- to low-end segment dragged down the city’s seven-day average price to a 10-week low.
Purchases of new residential properties, excluding government-funded affordable housing, retreated 12.7 percent from a week ago to 191,200 square meters, Shanghai Deovolente Realty Co said in a report yesterday. The average cost of a new home, meanwhile, shed 2.3 percent week-on-week to 23,355 yuan (US$3,810) per square meter.
“Scorching weather, high home prices as well as inadequate new supplies are the main reasons for the fairly sluggish sales over the past few weeks,” said Lu Qilin, a Deovolente researcher. “However, we expect the momentum to gradually pick up.”
New houses costing less than 20,000 yuan a square meter accounted for 54.1 percent of the city’s total new home sales last week, compared to 47.7 percent in the previous seven days. And of the 10 best-selling projects, half were sold for less than 20,000 yuan per square meter, Deovolente data showed.
A Citic Pacific Properties development in suburban Qingpu District sold 143 apartments last week for an average price of 12,156 yuan per square meter, topping all other projects around the city.
On the supply side, some 137,800 square meters of new houses at four projects were released on to the local market, a week-on-week drop of 62.5 percent.
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