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New policies fail to halt home sales slide
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BOTH new home sales and supply fell in the city last week despite favorable policies announced by the central government, according to latest market data.
The sales of new residential properties, excluding government-subsidized affordable housing, dropped 10.5 percent from a week earlier to 206,000 square meters in the seven-day period ended on Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday. By price, new homes sold last week cost an average 31,019 yuan (US$5,008) per square meter, an increase of 10.8 percent from the previous week.
On the supply side, new homes totaling 71,100 square meters were released to the local market, a weekly plunge of 64 percent.
“While the latest government endeavor to loosen its mortgage policies is supposed to help boost sales of both new and existing homes, it is always the price and the supply and demand situation that finally affect the transaction volume,” said Huang Zhijian, chief analyst at Uwin. “Real estate developers, therefore, had better remain cautious about their pricing strategy and focus on cutting the inventory which still stands at high levels.”
As of yesterday, new home inventory in Shanghai still stands at 12.4 million square meters, according to the city’s official real estate website. That compared with transaction of 779,000 square meters in March and 1.96 million square meters registered in the first quarter, according to Fang.com.
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