Shanghai pre-owned housing gauge falls faster in July

By Cherry Cao | August 7, 2014, Thursday |

Online Edition

SHANGHAI’S pre-owned housing index fell at a faster pace in July, extending weakness for the second straight month.

The index, which tracks price changes of previously-occupied homes, retreated 0.53 percent, or 15 points, to 2,940 last month, the Shanghai Existing House Index Office said today.

In June, the index headed south for the first time in two years amid a monthly transaction volume of 11,500 units around the city, the lowest registered in 27 months.

"Momentum continued to ease in the city in July amid prevalent subdued sentiment among both sellers and buyers," said Chen Zhen from the index office. "Inventory remained at low levels with a significant proportion of individual home owners, possibly between 35 and 40 percent, choosing to sit on the sidelines waiting for a recovery in the market."

As of the end of July, local stock of existing homes fell to 100,900 units from 102,600 units by the end of June, according to the index office.

Citywide prices of pre-owned houses fell in 77 of the 130 areas tracked by the office, compared to 64 areas in June. Prices in 31 areas remained flat while those in 22 areas rose month on month.

Sales of existing homes in Shanghai dipped 0.9 percent last month to 11,400 units, the fourth month-on-month decline in a row, Shanghai Deovolente Realty Co said in an earlier report, citing mainly unfavorable weather conditions as well as low inventories.

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Shanghai pre-owned housing gauge falls faster in July

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