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New home sales up 30% in recovery
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HOME buyers and property developers in Shanghai were positive for a second straight week as sales of new homes surged nearly 30 percent as the local housing market continued its recovery.
The purchases of new homes, excluding government-subsidized affordable housing, rose 29.7 percent week on week to 284,300 square meters during the seven-day period ended on Sunday, Shanghai Uwin Real Estate Information Services Co said in a report yesterday.
“The seven-day transaction volume of new homes hit a 15-week high in Shanghai, indicating a quite strong recovery of the residential market,” said Huang Zhijian, chief analyst at Uwin.
An even more notable increase was posted during the same period when 354,800 square meters of new housing units were launched for sale in the city, a surge of 62.4 percent from the previous week, Uwin data showed.
But Huang cautioned: “As new housing supply still outnumbered sales so far this year in Shanghai, the high inventory remains a concern at the moment despite the recent recovering signs.”
Shanghai’s new home inventory is above 12.48 million square meters, or over 83,600 units, according to latest data posted on the city’s official real estate website fangdi.com.cn.
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