Existing home sales cool in Shanghai as inventory dips

By Cherry Cao | November 7, 2013, Thursday |

Online Edition

BUYING momentum for existing homes cooled in Shanghai in October with transaction volumes recording a double-digit decline and average prices shedding some of their recent increases as well, an industry report showed today.

The purchases of pre-owned houses fell 11.6 percent from September to 23,174 units last month while the average cost for an existing home dipped 0.5 percent month-on-month to 19,074 yuan (US$3,126) per square meter, according to research released by Shanghai Deovolente Realty Co.

"Despite the retreat, the October volume was still the highest for that month in the city's history,” said Lu Qilin, a Deovolente researcher. “Robust sales of existing houses registered in the city over the past few months led to a reduced inventory while continuously rising prices also dampened some home-seekers' interest."

As of the end of August, the local stock of existing homes stood at 131,800 units, but it recently had dropped to about 126,300 units, Deovolente data showed.

Across the city, all districts except Fengxian, Jinshan, Jing'an and Chongming registered month-on-month decreases with downtown Huangpu leading the decliners with a sharp drop of 38.4 percent in transaction volume.

Separately, Shanghai’s pre-owned housing index climbed for the 17th straight month in October, the Shanghai Existing House Index Office said in its latest report.

The index, which monitors price variations of pre-owned homes, gained 36 points, or 1.26 percent, to 2,892.

Of the 130 areas tracked by the office, 118 recorded price gains and eight saw declines, with the rest seeing no change from a month earlier.

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