Industry News

Shanghai’s pre-owned housing market stable

SALES of pre-occupied homes stayed above the 15,000-unit threshold in Shanghai for the second straight month, while the existing housing index continued to fall, according to recent market data.

The index, which monitors month-over-month price changes in 130 areas citywide, fell 0.35 percent, or 12 points, from May to 3,928 in June, extending weakness for the seventh straight month, Shanghai Existing House Index Office said in a report released yesterday.

Around the city, some 15,500 pre-used homes changed hands last month, down 3.5 percent from May and an increase of 30.7 percent from the same period a year earlier. By sales price, those costing below 3 million yuan (US$447,961) took up 61.1 percent of the total, and pre-used homes costing over 5 million yuan made up about 14.6 percent.

“The city’s existing housing market remained generally stable, backed by above-15,000 unit monthly transactions as well as a slower pace of decrease in the price index,” the office said. “Looking forward, as the market has entered its traditional low season for property sales, we expect to see some fluctuation in sales but probably no big ups or downs in home prices.”

Prices of pre-owned homes climbed in 33 areas, fell in 79 areas, and were flat in 18 areas, according to the office.

Citywide, the three most sought-after areas were Pujiang in Minhang District, Sanlin in the Pudong New Area, and Nanqiao New City in Fengxian District, where 433, 383 and 364 pre-owned homes were sold, respectively, last month.

On the inventory side, the city had 84,800 pre-occupied homes available for sale as of the end of June, a month-over-month drop of 2.3 percent and a year-on-year plunge of 50 percent, according to data compiled by the office.

Between January and June, transactions of pre-occupied homes totaled 81,100 units across the city, slightly higher than the 77,900 units sold during the first six months of 2017, according to a separate report released earlier by Shanghai Homelink Real Estate Agency Co.
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