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Pre-owned house index drops for second month
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SHANGHAI’S pre-owned housing index fell at a faster pace in July, extending the weakness for the second straight month.
The index, which tracks price changes of previously occupied homes, retreated 0.53 percent, or 15 points, to 2,940 last month, the Shanghai Existing House Index Office said yesterday.
In June, the index headed south for the first time in two years amid a monthly transaction volume of 11,500 units around the city, the lowest registered in 27 months.
“Momentum continued to shed in the city in July amid prevalent subdued sentiment among both sellers and buyers,” said Chen Zhen from the index office.
“Inventory remained at low levels with a significant proportion of individual homeowners, possibly between 35 and 40 percent, choosing to sit on the sidelines waiting for a recovery in the market.”
Till the end of July, local stock of existing homes fell to 100,900 units from 102,600 units at the end of June.
Citywide, the prices of existing houses fell in 77 of the 130 areas tracked by the office, compared with 64 areas in June.
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