By Cherry Cao | 2012-11-27 | NEWSPAPER EDITION
A strong sentiment among first-time buyers boosted new home purchases in Shanghai to the highest in 21 weeks while the average price fell, data showed yesterday.
Sales of new homes, excluding government-funded affordable housing, jumped 34.5 percent weekly to 265,900 square meters during the seven days through Sunday, according to Shanghai Deovolente Realty Co.
"Last week's transaction volume, which was the second highest registered so far this year, was a result of extremely robust momentum among budget-tight home buyers," said Lu Qilin, a Deovolente researcher. "I expect total volume to exceed 900,000 square meters in November, which will then make it the second-best month in terms of new home sales only after June."
The new homes were sold at an average 20,233 yuan (US$3,211) per square meter, down 16 percent from the previous week, according to Deovolente data.
Nine of the city's 10 best-selling housing projects last week cost no more than 18,000 yuan per square meter each, with the most popular development selling 260 apartments at an average 13,128 yuan per square meter each.
A research by Shanghai Uwin Real Estate Information Services Co disclosed that as of Sunday, new home purchases totaled 795,500 square meters in November.