New home stocks fall to low | Shanghai Daily

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November 12, 2009

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New home stocks fall to low

THE inventory of new homes fell to a historic low in Shanghai after the supply failed to exceed transactions for 10 consecutive months.

By yesterday, the local stock of new houses, excluding those built for relocated residents under urban redevelopment plans, stood at 4.86 million square meters, statistics on the city's official real estate Website showed.

"The extremely low stock of new homes, probably the lowest since the Website began to release daily statistics to the public in 2004, was a result of an imbalance between supply and demand since the beginning of this year," said Xue Jianxiong, an analyst with E-House (China) Holdings Ltd.

The transaction volume of new homes totaled 15.6 million square meters in Shanghai in the first 10 months of this year, while only 11 million square meters of new houses were launched for sales during the same period, according to E-House research.

The scenario seemed to turn worse as during the last three weeks, a total of 1.48 million square meters of new homes were sold across the city but there were only 840,000 square meters of new supply during the period, according to E-House statistics.

At the same time, housing prices continued to climb amid robust buying momentum.

The average price of new homes hit 16,780 yuan (US$2,456) per square meter last month in the city, staying above 16,000 yuan per square meter for three consecutive months, a report by Shanghai Uwin Real Estate Information Services Co showed.

The prices of 300 residential developments grew monthly between September and October, with nearly one third rising by more than 10 percent, according to Uwin.




 

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