Existing home index rises in April for second straight month

The index, which monitors month-on-month price changes in 130 areas across the city, rose 0.27 percent, or 11 points, to 3,916 last month.

Shanghai's existing housing index gained for the second month in April with the transaction volume of pre-occupied homes remaining above 25,000 units.

The index, which monitors month-on-month price changes in 130 areas across the city, rose 0.27 percent, or 11 points, to 3,916 points last month, the Shanghai Existing Housing Index Office said in its regular report released on Friday.

Citywide, about 25,230 pre-occupied homes changed hands, a mild decrease of 1.9 percent from March. On a year-on-year basis, the figure jumped 87.6 percent, the office said.

Pre-owned homes costing less than 3 million yuan (US$440,873) accounted for 63.3 percent of the total. Those worth 5 million yuan or more made up nearly 13 percent.

Prices of pre-occupied homes rose in 85 areas, fell in 26 and were flat in 19.

"Despite a minor decrease in sales volume, the city's existing housing market generally maintained its strength with more large-sized homes being sold across the city compared with a month earlier, indicating stronger demand from upgrading buyers," the office said.

In particular, sales of pre-used homes larger than 200 square meters, those between 140 and 200 square meters, and those between 110 and 140 square meters, climbed by 35.7 percent, 18.6 percent and 8.5 percent, respectively, from March.

By area, Sanlin in Pudong New Area, Pujiang in Minhang District and Zhoukang in Pudong were the three most sought-after communities in April, with sales of 616, 609 and 518  homes.

The city had 66,234 pre-occupied homes available for sale as of the end of April, a month-on-month decrease of 0.45 percent and a year-on-year drop of 27.9 percent.

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