Home sales continue heavy slide

Updated 2017-07-07 09:21:40 Shanghai Daily

Sales of pre-occupied homes fell for the third consecutive month in Shanghai in June as sentiment among buyers stayed subdued, new market data showed yesterday.

Across the city, about 12,200 units of existing houses changed hands last month, a month-on-month fall of 16.6 percent and a year-on-year plunge of 49.9 percent, Shanghai Homelink Real Estate Agency Co said in a report.

"Last month's data was the third-lowest June figure since 2011, as strictly enforced home purchase restrictions and tightened credit policies, coupled with unfavorable weather conditions, kept more potential buyers in the sideline," Homelink said in its report.

"And for two months, transactions for existing houses stayed below 15,000 units, indicating lackluster momentum in the market."

For the first half, a total of 79,300 established houses were traded in the city, a drop of 55 percent from same period a year ago.

The housing market started the year weak.

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