Shanghai new home sales rebound in latest week

New home sales rebounded in Shanghai last week despite a continued absence of new supplies, the latest market data show.

The total area of new residential properties sold, excluding government-funded affordable housing, jumped 26.1 percent week over week to around 68,000 square meters during the seven-day period ending Sunday, Shanghai Centaline Property Consultants Co said in its regular weekly report released on Monday.

Around the city, outlying areas continued to take the lead. Qingpu District maintained first place for a third straight week, with weekly transactions rising 25.9 percent to 8,734 square meters. The Nanhui region of the Pudong New Area followed immediately again with seven-day sales surging 42.2 percent to 8,724 square meters. Jiading District kept its third-place spot, finishing at 7,623 square meters, a weekly increase of 24.3 percent.

The average price of a new home, meanwhile, climbed 6.1 percent from the previous week to 57,953 yuan (US$8,275) per square meter, according to Centaline data.

"Three luxury projects, including two above the 100,000-yuan-per-square-meter mark, dominated last week's top-10 list, thereby pushing up the average price," said Lu Wenxi, Centaline's senior researcher. "The remaining seven projects on the best-seller list, however, all cost less than 50,000 yuan per square meter."

One Shui On Land development in Hongkou District sold 2,511 square meters, or 17 units, of new homes at an average price of 107,387 yuan per square meter, making it the week's bestseller. A project in Putuo District, with a price tag of 106,609 yuan per square meter, trailed most closely after unloading 2,332 square meters, or 18 units, during the same period.

Meanwhile, no new supplies arrived in the market for a ninth consecutive week due to the COVID-19 outbreak.