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Shanghai home prices drop for seventh straight month
By Cherry Cao |
May 3, 2012, Thursday
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SHANGHAI'S existing housing index declined for the seventh straight month in April.
The index, which tracks price variations of previously occupied homes, lost 0.09 percent, or 2 points, to 2,575 last month, the Shanghai Existing Index Office said today.
Year-on-year, the index retreated 16 points, or 0.59 percent, losing strength for the second consecutive month.
"We've noticed rather slack market sentiment last month as home seekers continued to expect further cuts after the government repeated its vow to stick to property curbs," said Lu Bei, an analyst at the office. "At the same time, an increasing number of home owners began to raise asking prices as more buyers made inquiries since March. In the short term the market will likely be dominated by a wait-and-see sentiment again."
Across the city, 69 of the 128 areas monitored by the office saw an average price drop of 0.24 percent last month. Thirty-eight remained unchanged from March and 21 posted gains, according to the office.
The index, which tracks price variations of previously occupied homes, lost 0.09 percent, or 2 points, to 2,575 last month, the Shanghai Existing Index Office said today.
Year-on-year, the index retreated 16 points, or 0.59 percent, losing strength for the second consecutive month.
"We've noticed rather slack market sentiment last month as home seekers continued to expect further cuts after the government repeated its vow to stick to property curbs," said Lu Bei, an analyst at the office. "At the same time, an increasing number of home owners began to raise asking prices as more buyers made inquiries since March. In the short term the market will likely be dominated by a wait-and-see sentiment again."
Across the city, 69 of the 128 areas monitored by the office saw an average price drop of 0.24 percent last month. Thirty-eight remained unchanged from March and 21 posted gains, according to the office.
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