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Policies hit Shanghai’s homes sales
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SALES of existing homes fell in Shanghai last month as a slew of measures introduced lately to cool down the market started to dampen buyer sentiment.
About 24,000 pre-owned homes changed hands in July, a month-over-month drop of 15 percent, Shanghai Homelink Real Estate Agency said in its regular monthly report.
By value, existing homes worth a total of 81.9 billion yuan (US$12.6 billion) were sold, a decrease of 13 percent from June.
Existing homes sold for an average 3.43 million yuan, up 2 percent.
“July’s volume was the second lowest this year, outperforming only February which was mainly affected by the Spring Festival holiday,” said Yang Yulei, a senior analyst with Homelink.
“The latest introduction of property-related measures, including verification of pre-owned homes’ list price, has definitely left some impact on home seekers’ expectations for the market.”
The Shanghai Housing Administration Bureau announced on July 9 that the list price of every pre-owned home must be verified by the local industry watchdog. Any listing that failed to pass the check, which is based on the normal range, cannot be made public.
As a result, the list price of existing homes on Homelink outlets fell an average 8 percent from June.
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