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Average sale price of new homes rises for 4 months
THE average cost of new homes in China rose for the fourth consecutive month in August, the China Index Academy said in a latest report.
The mean selling price of new homes in 100 cities rose 0.95 percent to 10,787 yuan (US$1,690) per square meter last month, up from a 0.54 percent gain in July and a climb of 0.56 percent in June, the academy said.
Nationwide, prices gained in 51 cities, up five cities from July. Prices fell in the remaining 49 cities.
In the 10 largest cities, new houses sold for an average 19,962 yuan per square meter, a monthly gain of 1.95 percent.
Shanghai led gainers with a rise of 3.77 percent for new homes, mainly due to a structural shift.
“The domestic real estate market continued to rebound amid a series of easing policies which include the cut in interest rate and reserve requirement ratio,” the academy said.
“That will strengthen the market in September which is the traditional high season for property sales while home prices will probably remain stable as inventories across the country still stay at high levels generally.”
Shanghai posted the highest August volume in the area of new homes sold in six years despite a monthly drop.
The area of new homes sold, excluding government-funded affordable housing, fell 7.4 percent month on month to 1.246 million square meters in August. But the area sold remained above the 1.2-million-square-meter barrier for the fifth straight month, Shanghai Homelink Real Estate Agency Co said in a report released yesterday.
“Despite the decline, it is the highest August volume registered in six years, which indicated really strong sentiment among home buyers,” said Lu Qilin, director of research at Shanghai Homelink. “We expect that to extend through September and October as the central government has been unveiling positive gestures since late last year to boost buyers’ sentiment.”
Lu referred to the People’s Bank of China’s immediate 25-basis-point cut in the benchmark lending rates and the deposit rates on August 25, the fourth cut in under 10 months.
New homes sold for 30,071 yuan per square meter in Shanghai in August, down 13.2 percent from July, according to Homelink data.
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