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Price rebound and less supply dent home sales
September 6, 2012, Thursday
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SALES of previously-owned properties in Shanghai fell in August, the first drop in four months, as inadequate supply and a price rebound deterred buyers, a market research showed yesterday.
The buying of such properties tumbled 15.5 percent from July to 17,800 units, ending a three-month rally since May, Century 21 China Real Estate said in a report.
"Fewer homes were released to the market last month compared with July, with a number of areas recording a decrease of between 10 and 30 percent in terms of new supply," said Qiu Dan, a Century 21 researcher. He said many owners "have raised prices."
The homes were sold at an average of 17,000 yuan (US$2,681) per square meter last month, up 3.4 percent from July. Owners in some areas of the city raised their prices while stronger sales in the mid- to high-end segment also contributed to the hike.
Six of the nine selected areas in the city, including Tonghe in Baoshan District, Lianyang in Pudong New Area and Xinzhuang in Minhang District, saw average prices rise by 5-10 percent from a month earlier, Century 21 said.
The buying of such properties tumbled 15.5 percent from July to 17,800 units, ending a three-month rally since May, Century 21 China Real Estate said in a report.
"Fewer homes were released to the market last month compared with July, with a number of areas recording a decrease of between 10 and 30 percent in terms of new supply," said Qiu Dan, a Century 21 researcher. He said many owners "have raised prices."
The homes were sold at an average of 17,000 yuan (US$2,681) per square meter last month, up 3.4 percent from July. Owners in some areas of the city raised their prices while stronger sales in the mid- to high-end segment also contributed to the hike.
Six of the nine selected areas in the city, including Tonghe in Baoshan District, Lianyang in Pudong New Area and Xinzhuang in Minhang District, saw average prices rise by 5-10 percent from a month earlier, Century 21 said.
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