NEW home sales plunged 79 percent in Shanghai last week as the Spring Festival holiday kept most potential buyers away from the market, industry data showed.
The purchases of new homes, excluding government-subsidized affordable housing, dived to 23,500 square meters week on week over seven days ended on Sunday, Shanghai Uwin Real Estate Information Services Co said yesterday.
"New home sales totaled about 225,000 square meters so far this month (as of Sunday) and if such a pace can be maintained, the February volume is expected to reach about 410,000 square meters, less than half of that of January," said Huang Zhijian, chief analyst at Uwin. "There was no supply entering the market over the past seven days."
The average price shed 7.8 percent to 22,412 yuan (US$3,568) per square meter, Uwin said.
A separate research released earlier by Shanghai Deovolente Realty Co showed that new home sales during the seven-day Spring Festival break from February 9 totaled 4,641 square meters in Shanghai, a surge of 165 percent from the same seven-day holiday last year and also the highest in four years.
New homes of 43,500 square meters were released locally over the past four weeks, Uwin said. That compared to the average weekly supply of 173,800 square meters during the past 12 months.
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