New weekly home sales below average
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E-mail Shanghai Daily, August 21, 2012
Buying sentiment for new homes in Shanghai rebounded from an 18-week low but the sales were still below the average weekly volume registered so far.
The sales of new homes, excluding government-subsidized affordable housing, rose 7 percent from a week earlier to 152,300 square meters during the seven-day period ended on Sunday, Shanghai Deovolente Realty Co said yesterday.
"A 'wait-and-see' sentiment has re-emerged in the city recently as demand for homes from luxury to low-end fell," said Lu Qilin, a Deovolente researcher. "Demand for high-end homes dimmed after strong sales in June and July, while smaller discounts offered at mid to low-end projects also damped buyers' interest."
The new homes sold for an average 24,071 yuan (US$3,790) per square meter, up 2.4 percent weekly, Deovolente said. Thirty two units costing 50,000 yuan per square meter and above were sold in the city last week, flat from the week earlier.
The prices of new homes added 0.1 percent in the city in July, extending the gain for the second straight month, according to the National Bureau of Statistics.
So far this month, 439,000 square meters of new homes were sold in Shanghai, down 16.8 percent from the same period last month, data released yesterday by Century 21 China Real Estate showed.
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