SUPPLY of new residential properties fell to the lowest in 40 weeks in Shanghai last week while purchases remained above the 200,000-square-meter threshold for the fifth straight week, industry data showed today.
Excluding government-funded affordable housing, 19,200 square meters of new homes were released to the local market in the seven-day period ended yesterday, a week-on-week plunge of 73.8 percent and the lowest since the Spring Festival in January, Shanghai Deovolente Realty Co said. The sales of new homes, meanwhile, fell 22.3 percent weekly to 202,000 square meters.
"New home supply started to fall in the city since October and the trend just continued this month," said Lu Qilin, a Deovolente researcher. "Developers seem to have lukewarm interest in launching new projects because some have already achieved their annual sales targets while others prefer to destock their inventories rather than releasing new units for sale."
So far this month, new home supply has reached 90,700 square meters, compared with 635,400 square meters in October and 1.27 million square meters in September, according to data from Shanghai Uwin Real Estate Information Services Co.
Average price rose 3.3 percent from the previous week to 22,088 yuan (US$3,511) per square meter, amid increased transactions in the high-end segment.
Sales of new homes priced above 40,000 yuan per square meter climbed 12.5 percent weekly to 16,500 square meters last week, while sales of cheaper ones fell more than 20 percent during the same period, Uwin data showed.
Excluding government-funded affordable housing, 19,200 square meters of new homes were released to the local market in the seven-day period ended yesterday, a week-on-week plunge of 73.8 percent and the lowest since the Spring Festival in January, Shanghai Deovolente Realty Co said. The sales of new homes, meanwhile, fell 22.3 percent weekly to 202,000 square meters.
"New home supply started to fall in the city since October and the trend just continued this month," said Lu Qilin, a Deovolente researcher. "Developers seem to have lukewarm interest in launching new projects because some have already achieved their annual sales targets while others prefer to destock their inventories rather than releasing new units for sale."
So far this month, new home supply has reached 90,700 square meters, compared with 635,400 square meters in October and 1.27 million square meters in September, according to data from Shanghai Uwin Real Estate Information Services Co.
Average price rose 3.3 percent from the previous week to 22,088 yuan (US$3,511) per square meter, amid increased transactions in the high-end segment.
Sales of new homes priced above 40,000 yuan per square meter climbed 12.5 percent weekly to 16,500 square meters last week, while sales of cheaper ones fell more than 20 percent during the same period, Uwin data showed.
