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Pre-owned home sales rebound
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Shanghai’s existing housing market regained some strength last month after a minor retreat in June, latest industry data showed.
Citywide, about 29,000 pre-owned homes changed hands in July, up 3 percent from a month earlier. On a year-on-year basis, that number represents a 40 percent growth, Shanghai Homelink Real Estate Agency Co said in a regular monthly report released yesterday.
By value, existing homes worth a total of 96 billion yuan (US$13.8 billion) were sold, a month-over-month increase of 5 percent and a YoY gain of 51 percent.
“The local market recovered pretty quickly after a mild withdrawal in June, while growth continued to accelerate on a year-on-year basis, indicating resilience of the market,” said Yang Yulei, a senior analyst with Homelink.
Over the first seven months of 2020, about 140,000 existing homes, valued at 445.1 billion yuan, were sold in the city, down 3 percent and up 2 percent, respectively, from the same period a year ago. The average price of these homes was 3.18 million yuan per unit, or 39,313 yuan per square meter, up 4 percent and 2 percent year on year, respectively, data showed.
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