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Rate cut helps lift new home sales
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NEW home purchases in Shanghai remained above 1 million square meters for the second straight month in November as home seekers took advantage of an interest rate cut by China’s central bank.
Sales of new homes, excluding government-subsidized affordable housing, fell 4.7 percent from October to 1.04 million square meters, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“We saw a notable rebound in buyers’ momentum particularly during the last few days of November, partly helped by the central bank’s cut in interest rate on November 21,” said Huang Zhijian, chief analyst at Uwin.
Uwin data showed the average daily transactions of new homes at 45,700 square meters during the last seven days of November, and they soared to 66,700 square meters over the last three days.
“We expect strong momentum until the end of this year,” Huang said. “It is possible that December may overtake October to become the best performing month in 2014.”
The new homes sold last month averaged 27,683 yuan (US$4,498) per square meter, up 0.5 percent from October.
However, robust sales were still outnumbered by supply as developers were eager to unload their high inventory.
Over 1.23 million square meters of new houses were released locally last month, Uwin data showed. They totaled 1.19 million square meters in October and 1.31 million square meters in September.
Mid- to low-end houses were most popular with buyers citywide, with seven of the 10 best-selling projects last month costing no more than 30,000 yuan per square meter.
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