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Shanghai's existing housing index falls for 5th straight month

Last Updated: Friday, May 11, 2018 - 14:48

Shanghai's existing housing index falls for 5th straight month

Shanghai's existing housing index fell for the fifth consecutive month in April amid sluggish sentiment among home buyers.

The index, which tracks month-over-month price changes in 130 areas citywide, lost 16 points, or 0.43 percent, from March to 3,959 last month.

Some 13,550 pre-occupied homes changed hands around the city, down 22 percent from March and a drop of 9 percent from the same month a year earlier, Shanghai Existing House Index Office said in a report released today.
"It was the lowest April volume registered in six years as the market failed to capitalize on a seasonal rebound in March," the office said. "As mortgage policies remained tight in the city and price caps continued to be imposed on new residential projects, buying momentum for pre-used residential properties would most likely remain slack while prices might go southward as well."

Citywide, prices of pre-owned homes rose in 14 areas, fell in 93 areas, and were flat in 23 areas, according to the office.

The three most sought-after projects were in Huinan in Pudong New Area which sold 356 pre-owned homes, Pujiang in Minhang District where 336 homes were sold and Jinshan New City with 330 homes sold last month.

The city saw 91,819 pre-occupied homes available for sale as of the end of April, a month-on-month drop of 12.4 percent, and a year-over-year plunge of 45 percent, according to data compiled by the office.
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