Sales of pre-owned homes drop in Shanghai

By Cherry Cao | August 6, 2013, Tuesday |

Online Edition

SALES of previously occupied homes fell in Shanghai last month mainly due to sluggish sentiment and decreased supply, according to latest market data.

The purchases of existing houses dropped 11.2 percent from June to 19,800 units in July, bringing to an end a three-month rally, Century 21 China Real Estate, one of the city's largest estate chains, said in a report released today.

On a year-on-year basis, however, it represented a growth of 2.3 percent.

"The decline was no surprise as July and August are traditional slack season for property purchases because of the scorching weather," said Huang Hetao, a Century 21 researcher. "Moreover, the market is encountering a decrease in new supply after robust sales of existing homes recorded during the first six months of this year."

Across the city, new supply of previously used houses fell between 10 to 30 percent on average from a month earlier in July, Century 21 research found, after conducting surveys in nine selected areas including Pengpu in Zhabei District, Sanlin in Pudong New Area and Meilanhu in Baoshan District.

In particular, Pudong, Minhang and Baoshan witnessed the strongest momentum among buyers with a combined 45 percent of the city's existing home sales deals being completed in the three districts.

By size and price, existing houses no larger than 70 square meters and with a price of no more than 1.2 million yuan (US$195,758) were the most popular among home seekers, accounting for 46 percent and 55 percent, respectively, of the total deals recorded last month, according to Century 21 data.

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Sales of pre-owned homes drop in Shanghai

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