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Sales fall as new home buyers stay away
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WEEKLY sales of new homes fell below the 150,000-square-meter threshold again in Shanghai as home buyers took a wait-and-see attitude while the hot weather also kept them back from entering the market, latest industry data showed.
The purchases of new residential properties, excluding government-funded affordable housing, dropped 12.4 percent week-on-week to 133,600 square meters during the seven-day period ending Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
“The city’s housing market continued to be subdued with both real estate developers and home searchers remaining very cautious,” said Huang Zhijian, chief analyst at Uwin.
“Sales won’t be boosted unless developers offer attractive discounts,” Huang said.
New homes were sold for an average 26,524 yuan (US$4,278) per square meter, a decrease of 3.9 percent from the previous week, Uwin data showed.
Citywide, mid- to low-end projects continued to lead others with eight of the 10 best-sellers costing no more than 30,000 yuan per square meter.
A Wanda development in outlying Jinshan District registered seven-day sales of 98 units at an average price of 11,144 yuan per square meter.
On the supply side, more than 320,000 square meters of new homes were released to the local market, a week-over-week surge of 63.7 percent.
New home transactions in Shanghai may fall short of 600,000 square meters in June if the current pace of sales continues to extend.
As of Sunday, they only totaled 242,700 square meters, or a daily average of 18,700 square meters, the data released by Uwin showed.
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