Pre-occupied homes market weakens

Weakness extended in Shanghai's pre-occupied housing market with sales of existing homes falling for the fourth consecutive month, according to latest industry data.

Citywide, about 20,000 units of pre-used homes changed hands in July, a month-over-month decrease of 7 percent, Shanghai Homelink Real Estate Agency Co said in its regular report. 

On a year-over-year basis, the figure rose 47 percent.

These pre-used homes were sold for an average of 38,550 yuan (US$5,440) per square meter, or 3.04 million yuan per unit, down 2 percent and 1 percent, from a month ago.

"Shanghai's existing housing market lost its strength for four months in a row at a comparatively moderate pace while price, in the meantime, remained rather stable," said Yang Yulei, a Shanghai Homelink senior analyst.

By area, Pujiang in Minhang District, Sanlin in the Pudong New Area and Nanqiao New City in Fengxian District were the three most sought-after communities last month, selling 521, 477 and 466 homes at an average cost of 28,685 yuan per square meter, 41,200 yuan per square meter and 20,672 yuan per square meter, respectively.

Between January and July, a total of 143,000 units of existing homes were sold around the city, an increase of 51 percent from the same period a year ago. 

They cost an average 3.02 million yuan per unit, or 38,446 yuan per square meter, down 6 percent and 5 percent from same period last year, Centaline data showed.