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Prices rise for existing homes
By Cao Qian |
October 1, 2010, Friday
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Print Edition
Print Edition
SHANGHAI'S existing housing index rebounded in September, ending a decrease for three straight months, amid recovering sentiment.
The index, which tracks price fluctuations of existing homes across the city, gained 6 points, or 0.23 percent, to 2,549, the Shanghai Existing House Index Office said yesterday.
The monthly index dropped 0.68 percent in June, ending a 15-month rally since March 2009 after rein-in policies introduced by central government in April began to take effect. It shed 0.53 percent in July and 0.31 percent in August.
"Pent-up demand for home purchase, mainly from end users and some from investors, kept strengthening over the past month and that gave rise to an increase in transactions," said Tao Ting, an analyst with the index office. "Meanwhile, on the sellers' side, more home owners seemed to be willing to cash in as the housing market has entered its traditional peak season for sales."
Supply of existing homes jumped in September and asking prices climbed an average 3 to 5 percent from a month earlier, according to the office.
Across the city, the prices of existing homes in five downtown districts edged up 0.1 percent last month, compared with a decline of 0.17 percent in August. The office said 45 of the 71 areas tracked by the compiler gained an average 0.52 percent. Two areas remained unchanged from a month earlier while 24 suffered an average decline of 0.37 percent.
Prices of existing homes in Dahua in Baoshan District rose 1.92 percent, September's biggest increase, and those in Jinqiao in Pudong New Area dropped 1.49 percent month-on-month, the largest decrease, the index office said.
On Wednesday, China unveiled further tightening policies after mounting public concern that the restrictive measures in place had been ineffective in bringing down prices.
The index, which tracks price fluctuations of existing homes across the city, gained 6 points, or 0.23 percent, to 2,549, the Shanghai Existing House Index Office said yesterday.
The monthly index dropped 0.68 percent in June, ending a 15-month rally since March 2009 after rein-in policies introduced by central government in April began to take effect. It shed 0.53 percent in July and 0.31 percent in August.
"Pent-up demand for home purchase, mainly from end users and some from investors, kept strengthening over the past month and that gave rise to an increase in transactions," said Tao Ting, an analyst with the index office. "Meanwhile, on the sellers' side, more home owners seemed to be willing to cash in as the housing market has entered its traditional peak season for sales."
Supply of existing homes jumped in September and asking prices climbed an average 3 to 5 percent from a month earlier, according to the office.
Across the city, the prices of existing homes in five downtown districts edged up 0.1 percent last month, compared with a decline of 0.17 percent in August. The office said 45 of the 71 areas tracked by the compiler gained an average 0.52 percent. Two areas remained unchanged from a month earlier while 24 suffered an average decline of 0.37 percent.
Prices of existing homes in Dahua in Baoshan District rose 1.92 percent, September's biggest increase, and those in Jinqiao in Pudong New Area dropped 1.49 percent month-on-month, the largest decrease, the index office said.
On Wednesday, China unveiled further tightening policies after mounting public concern that the restrictive measures in place had been ineffective in bringing down prices.
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