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Shanghai posts 6% rise in new home sales
By Cao Qian |
September 13, 2010, Monday
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Online Edition
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NEW home sales rose in Shanghai for the third consecutive week as buying sentiment continued to recover during the traditional home sale season.
A total of 256,000 square meters' new homes, excluding those reserved for government relocation programs, were sold across the city between September 6 and 12, an increase of 6 percent from a week earlier, Shanghai Uwin Real Estate Information Services Co said today.
"Sales volume managed to stay above the 200,000-square-meter barrier for the second straight week and that seemd to be a clearer sign of recuperating momentum among buyers," said Lu Qilin, a Uwin researcher. "As the traditional peak season for home sales kicked off this month, both sales and supply jumped notably."
New home supply surged 46 percent from a week earlier to 276,000 square meters, compared to the average weekly supply of 214,000 square meters registered over the past year, according to Uwin statistics.
Average price, meanwhile, fell 11 percent from a week earlier to 20,011 yuan (US$2,964) per square meter, terminating a rally for three straight weeks.
Among the total new homes sold last week, 64 percent of them were tagged for an average price of below 20,000 yuan per square meter, compared with 56 percent in the previous week.
"Housing prices of many residential projects have already headed northward since this month and an overall price increase is likely if buying momentum keeps growing in the following weeks," said Sky Xue, an analyst with China Real Estate Information Corporation. "New home sales may also reach the highest in September if the market continues to rebound."
New home sales hit 1.02 million square meters in Shanghai in April, the highest monthly volume so far this year.
A total of 256,000 square meters' new homes, excluding those reserved for government relocation programs, were sold across the city between September 6 and 12, an increase of 6 percent from a week earlier, Shanghai Uwin Real Estate Information Services Co said today.
"Sales volume managed to stay above the 200,000-square-meter barrier for the second straight week and that seemd to be a clearer sign of recuperating momentum among buyers," said Lu Qilin, a Uwin researcher. "As the traditional peak season for home sales kicked off this month, both sales and supply jumped notably."
New home supply surged 46 percent from a week earlier to 276,000 square meters, compared to the average weekly supply of 214,000 square meters registered over the past year, according to Uwin statistics.
Average price, meanwhile, fell 11 percent from a week earlier to 20,011 yuan (US$2,964) per square meter, terminating a rally for three straight weeks.
Among the total new homes sold last week, 64 percent of them were tagged for an average price of below 20,000 yuan per square meter, compared with 56 percent in the previous week.
"Housing prices of many residential projects have already headed northward since this month and an overall price increase is likely if buying momentum keeps growing in the following weeks," said Sky Xue, an analyst with China Real Estate Information Corporation. "New home sales may also reach the highest in September if the market continues to rebound."
New home sales hit 1.02 million square meters in Shanghai in April, the highest monthly volume so far this year.
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