Pre-owned home sector firm, prices head north

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July 4, 2015

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Pre-owned home sector firm, prices head north

By Cherry Cao | July 4, 2015, Saturday |

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SHANGHAI’S pre-owned property market stayed robust overall in June despite a slight easing in sales while prices headed north at a faster pace.

About 35,500 units of pre-owned properties were sold across the city last month, down 8.5 percent from May, Shanghai Deovolente Realty Co said in a report released yesterday. The sales, however, marked a 171 percent surge from the same period a year ago.

“The monthly transactions of existing properties remained above the 35,000-unit threshold for the third consecutive month, indicating robust sentiment among local buyers,” said Lu Qilin, a researcher at Deovolente.

“However, the drop in sales, though not so significant, might suggest the beginning of a cooling in the next couple of months which should be a natural correction, while July and August are also traditionally low season for property sales due to the hot weather.”

The strong overall sentiment was also reflected in the housing price.

The city’s existing housing index, which monitors month-on-month price changes, rose 2.14 percent, or 64 points, to 2,996 last month, a separate report released recently by the Shanghai Existing House Index Office showed. That accelerated from a 0.52 percent gain in May.

Citywide, the prices of pre-owned houses rose in 108 of the 130 areas tracked by the office and fell in eight. Prices were flat in the remaining 14, according to the report.

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Pre-owned home sector firm, prices head north

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