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Sales of existing homes in Shanghai fall for the 3rd month

By Cherry Cao | 17:09 UTC+8 July 6, 2017 | Online Edition

SALES of pre-occupied homes fell for the third consecutive month in Shanghai in June as sentiment among buyers stayed subdued, latest market data showed.

Across the city, some 12,200 units of existing houses changed hands last month, a month-over-month decline of 16.6 percent and a year-over-year plunge of 49.9 percent, Shanghai Homelink Real Estate Agency Co said in a report released today.

"Last month's data was the third-lowest June figure since 2011, as strictly enforced home purchase restrictions and tightened credit policies, coupled with unfavorable weather condition, had kept more potential buyers in the sideline," Homelink said in its report. "And for two months, transaction of existing houses stayed below 15,000 units, indicating lackluster momentum in the market."

For the first half, a total of 79,300 units of pre-owned houses were traded in the city, a drop of 55 percent from the same period a year ago.

The city's existing housing market was off to a rather weak start with less than 10,000 units of pre-occupied homes being traded each in January and February, the traditional low season for property sales mainly because of the new-year and Spring Festival holidays. Sales rebounded notably to 19,400 units in March due to some seasonal factors and went southward from then on amid continuously subdued sentiment.

Sales of new residential properties, excluding government-funded affordable housing, also more than halved to 29,300 units in the first six months of this year as toughest-ever tightening measures continued to bite, an earlier Homelink report showed.

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