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Pre-owned home sales fall 45% in February
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PURCHASES of pre-occupied homes plunged nearly 45 percent in Shanghai in February as sentiment cooled sharply during the Spring Festival holiday, according to latest market data.
Sales of pre-owned houses dropped 44.8 percent last month from January to 9,800 units across the city, Shanghai Deovolente Realty Co said in a report released yesterday.
The average cost of the homes dipped 0.9 percent month on month to 23,000 yuan (US$3,671) per square meter.
“The market was almost stagnant after the Chinese New Year,” said Lu Qilin, a Deovolente researcher. “However, with positive signals from the government, we will hopefully see a notable pickup in transactions as early as the second half of this month.”
The People’s Bank of China last week cut interest rates for the second time in three months to boost the country’s economy. Also before the Spring Festival holiday, the central bank had already cut the reserve requirement ratio, the amount of funds banks must set aside, by 0.5 percentage points, which would benefit home buyers and developers.
A separate report released yesterday said Shanghai’s pre-owned house index, which monitors month-on-month price changes of pre-occupied homes across the city, gained 0.12 percent, or 3 points, from January to 2,905. In January, the index grew 0.24 percent.
“Despite a slower pace, the month-on-month rise suggests the market has turned stable if we take into account that the Spring Festival holiday is a low season for home purchase,” the report said.
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