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Existing home market remains robust in September
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SENTIMENT among existing home buyers extended for another month in Shanghai with growth in both sales and price.
Purchases of existing properties, mainly houses, reached about 36,000 units in the city in September, a month-over-month increase of 3.8 percent and a year-over-year surge of 136.4 percent, Shanghai Homelink Real Estate Agency Co said in a report released today. Meanwhile, about 106,600 units of pre-owned homes were available for sale at the end of September, up from 103,200 units at the end of the August, according to Homelink data.
"The reason why September's growth seemed rather modest was mainly due to the extremely good sales recorded in July and August, which are usually the traditional low season for property sales," said Lu Qilin, director of research at Homelink. "As a result, many home owners have raised their asking prices recently as demand from home seekers continued to be strong while market supply was far from sufficient."
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