Shanghai’s housing market stays weak in August

THE Shanghai housing market remains weak in August, with a moderate retreat in volume and prices.

The index for occupied homes, which monitors month-over-month prices in 130 areas, dipped 0.23 percent to 3,988 in August from July, the Shanghai Existing House Index Office said yesterday. The average cost of pre-occupied homes rose in 58 areas, fell in 52 areas and remained flat in 20 .

That compared to gains in 60 areas, declines in 53 areas and no change in 17 areas in July.

“The index lost its strength for the third consecutive month at a continuously mild pace along with slightly shedding momentum among home buyers,” the office said, “The fact that monthly transaction volume of existing homes stayed above the 10,000 unit threshold despite tightening measures also suggests rather strong demand.”

Sales of pre-owned homes fell for the fifth straight month in August to about 11,600 units, a month-on-month fall of 3.6 percent and a year-on-year plunge of 77.1 percent, Shanghai Homelink Real Estate Agency Co said in a report released earlier. Citywide, Sanlin in Pudong New Area remained the best-performing area by sales with monthly transactions rising to 480 units from 315 in July.

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