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Volume, prices of existing homes rise
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Shanghai’s existing home market saw improving momentum in August with both volume and price increasing, an industry report showed yesterday.
The purchases of pre-owned houses rose 12.4 percent from July to 21,401 units last month while the average cost for an existing home climbed 2.2 percent month-on-month to a record 18,951 yuan (US$3,091) per square meter, according to a research report released by Shanghai Deovolente Realty Co.
“August volume was the second-highest for that month of the year in history, and the average price of existing homes continued to rise for the fifth straight month, further evidence that the market is well on its way to recovery,” said Lu Qilin, a Deovolente researcher. “Notably, sales picked up significantly in the second half of August with more than 60 percent of deals being secured during that period.”
Across the city, all districts except Jinshan and Zhabei registered month-on-month rise in transaction volume with Chongming County, Songjiang and the former Luwan seeing gains of more than 20 percent, Deovolente data showed.
Separately, Shanghai’s pre-owned housing index climbed for the 15th straight month in August, the Shanghai Existing House Index Office said on Thursday.
The index, which monitors price variations of pre-owned homes, gained 32 points, or 1.14 percent, to 2,837.
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