Extreme weather dents Guangzhou's second-hand home transactions in July

(ECNS) -- Extreme weather contributed to a month-on-month decline in online registrations of second-hand home sales in Guangzhou, Guangdong Province, in July, according to the local real estate agents association.

Central urban districts recorded moderate growth, while transactions generally declined in outlying areas.

The city registered 8,658 second-hand home transactions in July, covering a total floor area of 858,500 square meters. The number of transactions fell 0.94% month on month and 7.1% year on year, while the total area declined 3.42% and 7.23%, respectively.

Small and medium-sized homes accounted for a larger share of total transactions than in the previous month.

The share of homes measuring less than 60 square meters rose by 0.62 percentage points, while that of homes between 60 and 90 square meters increased by 0.29 percentage points.

Several of the city’s 10 most active property submarkets recorded month-on-month growth.

Transactions in the Fangcun Avenue area surged 47.93%, while the Sino-Singapore Guangzhou Knowledge City area posted an increase of 31.88%.

The association said that much of the housing demand accumulated in the first half of the year had already been released, while a wait-and-see mood was likely to prevail in Guangzhou’s second-hand housing market in August.

(By Helen Mo, intern Liu Shuangjing)