New home sales stable as lower-segment activity drops prices 11.4%

By Cherry Cao | March 24, 2014, Monday |

Online Edition

NEW home transactions in Shanghai remained little changed from a week ago with increased sentiment in the mid- to low-end segment dragging the average price down, latest market data showed.

The sales of new residential properties, excluding government-funded affordable housing, dipped 0.5 percent to 198,800 square meters last week while average cost of those homes dropped 11.4 percent to 25,097 yuan (US$4,048) per square meter, Shanghai Uwin Real Estate Information Services Co said in a report released today.

"With more than 1.1 million square meters' new supply coming onto the market over the past four weeks, market momentum is expected to recover continuously," said Huang Zhijian, chief analyst at Uwin. "For March, overall transactions of new homes may hover around 800,000 square meters in Shanghai, which is not so bad though it will be a quite notable drop from the average volume for March, registered over the past seven years, which stood at about 1.05 million square meters."

As of Sunday, nearly 590,000 square meters of new houses had been sold across the city this month, or a daily average of 25,500 square meters. That compared with 708,900 square meters recorded in January and 418,700 square meters sold in February, Uwin data showed.

Citywide, a low-end project in outlying Jiangqiao area, Jiading District, with an average sale price of 13,139 yuan per square meter saw 275 units sold last week, the largest in volume.

New home supply rose nearly 84 percent week on week to 296,300 square meters, according to Uwin data.

Real Estate

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New home sales stable as lower-segment activity drops prices 11.4%

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