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New home sales up 7% in Shanghai last week
By Cherry Cao |
August 20, 2012, Monday
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Online Edition
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BUYING sentiment for new homes rebounded from an 18-week low in Shanghai but last week's sales were still below the year-to-date weekly average, data showed today.
Sales of new residential development, excluding government-subsidized affordable housing, rose 7 percent from a week earlier to 152,300 square meters in the 7-day period ended on Sunday, Shanghai Deovolente Realty Co said.
"A wait-and-see mood reigned over the market recently as demand for homes from luxury to low-end types all retreated," said Lu Qilin, a Deovolente researcher. "Demand for high-end homes waned following strong sales in June and July while smaller discounts for mid-range and low-end units also damped buyers' interest."
New homes sold at an average price of 24,071 yuan (US$3,790) per square meter, an increase of 2.4 percent on a weekly basis, Deovolente said.
Thirty-two units costing at 50,000 yuan per square meter or above were sold in the city last week, unchanged from the previous week.
Supply of new homes, meanwhile, doubled to nearly 190,000 square meters during the week.
So far this month, 439,000 square meters of new homes were sold in Shanghai, down 16.8 percent from the same period last month, according to Century 21 China Real Estate.
"There have been growing speculations that new tightening measures might be implemented if the market continues to gain momentum," said Huang Hetao, research manager at Century 21. "The recent withdrawal of interest discounts for first-time homebuyers by some lenders, for instance, was viewed by some people as a new sign for further tightening."
The number of mainland cities seeing a rise in home prices doubled in July amid improving buyer sentiment, the National Bureau of Statistics, which tracks 70 cities, said over the weekend.
In Shanghai, new home prices edged up 0.1 percent in July, extending monthly gain for the second straight month.
Sales of new residential development, excluding government-subsidized affordable housing, rose 7 percent from a week earlier to 152,300 square meters in the 7-day period ended on Sunday, Shanghai Deovolente Realty Co said.
"A wait-and-see mood reigned over the market recently as demand for homes from luxury to low-end types all retreated," said Lu Qilin, a Deovolente researcher. "Demand for high-end homes waned following strong sales in June and July while smaller discounts for mid-range and low-end units also damped buyers' interest."
New homes sold at an average price of 24,071 yuan (US$3,790) per square meter, an increase of 2.4 percent on a weekly basis, Deovolente said.
Thirty-two units costing at 50,000 yuan per square meter or above were sold in the city last week, unchanged from the previous week.
Supply of new homes, meanwhile, doubled to nearly 190,000 square meters during the week.
So far this month, 439,000 square meters of new homes were sold in Shanghai, down 16.8 percent from the same period last month, according to Century 21 China Real Estate.
"There have been growing speculations that new tightening measures might be implemented if the market continues to gain momentum," said Huang Hetao, research manager at Century 21. "The recent withdrawal of interest discounts for first-time homebuyers by some lenders, for instance, was viewed by some people as a new sign for further tightening."
The number of mainland cities seeing a rise in home prices doubled in July amid improving buyer sentiment, the National Bureau of Statistics, which tracks 70 cities, said over the weekend.
In Shanghai, new home prices edged up 0.1 percent in July, extending monthly gain for the second straight month.
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