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Short supply, typhoon lead new home sales to 18-week low
By Cherry Cao |
August 13, 2012, Monday
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Online Edition
Online Edition
NEW home sales dropped to the lowest in 18 weeks in Shanghai due to insufficient supply and typhoon weather, data showed today.
Sales of new residential units, excluding government-subsidized affordable housing, plunged by one third from a week earlier to 142,400 square meters last week, Shanghai Deovolente Realty Co said.
"The weekly volume was the lowest since mid-April," said Lu Qilin, a Deovolente researcher. "Inadequate supply of low- and middle-range homes probably contributed to the decline while the arrival of Typhoon Haikui also confined people to their homes."
Last week's average cost of new homes was 23,517 yuan (US$3,709) per square meter, down 6.9 percent on a weekly basis, Deovolente said.
On the supply side, about 95,000 square meters of new homes were released to the local market, a drop of 25 percent from a week earlier.
"We will probably see a flat August in new home sales following robust transactions in the past two months," said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co. "Demand for mid- to high-end homes that contributed a lot to the recent sales boom will not last long, plus August is traditionally a low season for home purchase."
New home sales totaled 286,900 square meters in Shanghai so far this month, a retreat of 13.4 percent from same period last month, according to Uwin.
Sales of new residential units, excluding government-subsidized affordable housing, plunged by one third from a week earlier to 142,400 square meters last week, Shanghai Deovolente Realty Co said.
"The weekly volume was the lowest since mid-April," said Lu Qilin, a Deovolente researcher. "Inadequate supply of low- and middle-range homes probably contributed to the decline while the arrival of Typhoon Haikui also confined people to their homes."
Last week's average cost of new homes was 23,517 yuan (US$3,709) per square meter, down 6.9 percent on a weekly basis, Deovolente said.
On the supply side, about 95,000 square meters of new homes were released to the local market, a drop of 25 percent from a week earlier.
"We will probably see a flat August in new home sales following robust transactions in the past two months," said Huang Zhijian, chief analyst at Shanghai Uwin Real Estate Information Services Co. "Demand for mid- to high-end homes that contributed a lot to the recent sales boom will not last long, plus August is traditionally a low season for home purchase."
New home sales totaled 286,900 square meters in Shanghai so far this month, a retreat of 13.4 percent from same period last month, according to Uwin.
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