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January 8, 2014

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Home » Business » Finance

Cautious stance hits pre-owned home sales

By Cherry Cao | January 8, 2014, Wednesday | Print Edition

THE purchases of previously-occupied homes fell in Shanghai in December as a “wait-and-see” stance prevailed among homeseekers at the year-end period.

The sales of pre-owned houses dropped 17.3 percent from November to 18,038 units last month, or a year-on-year fall of 21 percent, Shanghai Deovolente Realty Co said in a research released yesterday.

The average cost of the homes was 19,501 yuan (US$3,197) per square meter, down 0.4 percent month on month and up 13.4 percent from the same period a year earlier.

“An increasing number of homeseekers chose to take a cautious approach during the year-end period, which is usually a low season for property purchases,” said Zhu Ping, a Deovolente researcher.

“However, we’ve noticed that individual home owners showed mixed responses, with some of them offering larger discounts to attract buyers while others continued to raise their prices.”

By price range, pre-owned homes costing under 1.5 million yuan each accounted for more than 60 percent of the total transactions in December, a separate report released yesterday by Century 21 China Real Estate showed. They were followed by those costing between 1.5 million yuan and 2 million yuan, which took up 19.4 percent.

In 2013, purchases of pre-owned homes surged 58.8 percent from 2012 to 292,895 units while the average price rose 8.6 percent to 18,283 yuan per square meter, according to Deovolente data.


 

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