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November new home market slips
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Shanghai’s new housing market suffered a major retreat in November with average prices hitting a year-to-date low amid sluggish sales in the luxury and high-end segments.
By area, the volume of new residential properties sold — excluding government-subsidized affordable housing — fell 19.4 percent from the previous month to 771,000 square meters, according to a regular monthly report released on Tuesday by Shanghai Centaline Property Consultancy.
“November’s sales were the lowest in the second half but the setback was quite normal after strong performances in September and October,” said Lu Wenxi, Centaline’s senior research manager. “Inadequate new supply, which totaled only 160,000 square meters, also greatly affected sentiment among home buyers.”
By contrast, 767,000 square meters of new housing hit the local market in October, and 1.15 million square meters were rolled out in September.
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