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Rise in new home buying not significant
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NEW home sales in Shanghai rose last week but an analyst did not see the gain as significant, while the inventory of houses continued to climb.
The purchases of new homes, excluding government-subsidized affordable housing, rose 21.3 percent from the previous week to 165,700 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said in a report released yesterday.
“Despite the rebound, buying sentiment seemed far less satisfactory for this time of the year which is often regarded as the golden season for property sales,” said Lu Qilin, a Deovolente researcher.
“As seven-day supply continued to outnumber sales for the third straight week, local inventories of new houses exceeded the 12-million-square-meter threshold, a new record for the city.”
About 300,000 square meters of new houses were released for sale last week, up 46 percent from a week ago.
As of yesterday, there were 12.04 million square meters of new homes for sale in Shanghai, according to fangdi.com, the city’s real estate website.
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