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Weak sentiment pulls new home buying to 48-week low
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New home sales in Shanghai fell to a 48-week low as sentiment among homeseekers continued to ease, according to latest market data.
The purchases of new homes, excluding government-subsidized affordable housing, dropped 27.7 percent last week to 143,300 square meters, falling for the fourth straight week, Shanghai Deovolente Realty Co said in a report released yesterday.
“As the Spring Festival holiday draws closer, the housing market saw a clear sign of cooling down with both sales and new supply falling below the 150,000-square-meter threshold,” said Lu Qilin, a Deovolente researcher. “A ‘wait-and-see’ sentiment has been prevailing among both buyers and sellers after a red hot 2013.”
New homes released to the local market declined 24.5 percent from the previous seven-day period to 148,300 square meters, extending weakness for the second straight week, Deovolente data showed.
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