Shanghai new home sales drop 41%

By Cherry Cao; | March 3, 2014, Monday |

Online Edition

NEW home sales plunged in Shanghai last month as buying sentiment eased.

Purchases of new residential properties, excluding government-subsidized affordable housing, totaled 418,700 square meters in February, down 41 percent from January and a decrease of 23 percent from the same period a year ago, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.

The average price of new houses, meanwhile, edged up 0.2 percent from January to 25,702 yuan (US$4,193) per square meter. The average price remained above the 25,000 yuan threshold for the fourth consecutive month, Uwin data showed.

“While the Spring Festival holiday could be cited as a main reason for the month-on-month slide, the notable year-on-year drop in volume was unexpected,” said Huang Zhijian, chief analyst at Uwin. “If such slack sentiment continues, the existing home market may soon feel the pinch as more owners put their homes up for sale. It may result in some price cuts.”

Across the city, a housing project in Qingpu District became the best-seller after 170 units were sold for an average of 21,332 yuan per square meter.

New home supply fell 19 percent from a month earlier to about 634,200 square meters in February, dropping for the fourth consecutive month, indicating similarly sluggish sentiment among developers, according to Uwin data.

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Shanghai new home sales drop 41%

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