Shanghai's new housing market lost steam for another week despite a major rebound in supply, the latest industry data showed.
The area of new residential properties sold, excluding government-subsidized affordable housing, fell 13 percent to 120,300 square meters during the seven-day period ending on Sunday, Shanghai Centaline Property Consultants Co said in a report released today.
Across the city, remote Qingpu District continued to outperform all of its counterparts with weekly sales reaching 21,800 square meters. That, however, represented a drop of 23.5 percent from the previous week.
It was most closely followed by Nanhui and Fengxian, where some 18,000 square meters and 14,900 square meters of new homes were unloaded, respectively, during the same period, according to Centaline data.
"The best-selling project of last week registered sales of less than 100 units, which is often seen as a proof for slack sentiment among home buyers," said Lu Wenxi, senior manager of research at Centaline. "Meanwhile, medium to low-end projects remained the most sought-after type as wait-and-see momentum still lingered on."
The average cost of a new home stood at 46,985 yuan (US$7,403) per square meter, a week-over-week increase of 4.9 percent, according to Centaline data.
By project, a housing development in Nanhui, Pudong New Area, which sold 7,795 square meters, or 88 apartments, for an average price of 21,168 yuan per square meter, became the most popular project of last week. It was also the cheapest one in the top 10 list, among which the most costly project sold for no more than 67,000 yuan per square meter on average, Centaline data showed.
On the supply side, some 179,100 square meters of new houses spanning five projects were launched into the market, a surge of 648 percent from the previous seven-day period.
Notably, a residential development in Beicai, Pudong New Area, rolled out 78,600 square meters, or 538 units, in a single batch at an average price of around 80,000 yuan per square meter, the most among all.