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Weak sales of pre-occupied housing
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Weakness extended in Shanghai’s pre-occupied housing market with sales of existing homes falling for the fourth consecutive month, according to the latest industry data.
Citywide, about 20,000 units of pre-used homes changed hands in July, a month-over-month decrease of 7 percent, Shanghai Homelink Real Estate Agency Co said in a report.
On a year-over-year basis, the figure rose 47 percent.
These pre-used homes were sold for an average of 38,550 yuan (US$5,440) per square meter, or 3.04 million yuan per unit, down 2 percent and 1 percent, from a month ago.
“Shanghai’s existing housing market lost its strength for four months in a row at a comparatively moderate pace while price remained rather stable,” said Yang Yulei, a Shanghai Homelink senior analyst.
By area, Pujiang in Minhang District, Sanlin in the Pudong New Area and Nanqiao New City in Fengxian District were the three most sought-after communities last month, selling 521, 477 and 466 homes at an average cost of 28,685, 41,200 and 20,672 yuan per square meter, respectively.
Between January and July, a total of 143,000 units of existing homes were sold, an increase of 51 percent from the same period a year ago.
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