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May 11, 2017

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Home » Business » Real Estate

Weak sales cloud average home price

By Cherry Cao | 00:01 UTC+8 May 11, 2017 | Print Edition

THE average price of pre-occupied homes rose in fewer areas in Shanghai last month amid sluggish sales, Shanghai Existing House Index Office said in a report released yesterday.

The city’s pre-owned housing index, which tracks month-on-month price changes in 130 areas around the city, edged up 0.17 percent in April, down 0.47 percentage points from a month earlier.

The average cost of pre-occupied homes rose in 64 areas, down from 92 areas in March. Prices fell in 34 areas and were flat in the remaining 32 areas.

“Sales of pre-owned homes fell nearly 20 percent from March to about 15,400 units as more home seekers adopted a wait-and-see sentiment with growing expectations for further price discounts,” the office said. “Inadequate supply of quality existing homes also contributed to slack sales.”

In April, some 166,940 units of pre-occupied homes were put on the market for sale, down 0.6 percent from March, according to the office.

Homes costing no more than 3 million yuan (US$435,000) remained the most sought-after among buyers, taking up 63.7 percent of the total sales. Those costing between 3 million yuan and 5 million yuan accounted for 23.4 percent.

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