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Price drop hits pre-owned home index
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SHANGHAI’S existing house index continued to be weak for the fourth straight month in September, with prices of pre-owned homes dropping in almost all areas.
The index, which tracks month-on-month price changes, dipped 0.86 percent, or 25 points, from August to 2,894, the Shanghai Existing House Index Office said in a report. In August, the index shed 0.71 percent.
“More than 90 percent of areas around the city monitored by our office witnessed price drops last month, compared with about 80 percent registered in August, evidence of continued slack sentiment in the market,” said Chen Zhen from the index office. “While real estate developers began to provide discounts to unload the inventory which remained at a high level, existing homes available for sale already fell below the 100,000-unit threshold.”
At the end of September, the local supply of previously occupied houses stood at around 96,725 units in the city, down 6 percent from August and a drop of 21.3 percent from the beginning of this year, according to the index office.
In the new housing market, however, homes available for sale have exceeded 12.5 million square meters, or over 83,800 units, in Shanghai as of yesterday, according to fangdi.com.cn, the city’s official real estate website.
Prices in 122 of the 130 areas across the city tracked by the index office declined from a month earlier. Two areas posted increases and the remaining six saw little changes, according to the office.
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