SHANGHAI saw aplunge in the supply of new homes to the lowest in 40 weeks last week while purchases, although posting a drop, still stayed above the 200,000 square-meter threshold for the fifth straight week.
Excluding government-funded affordable housing, new homes totaling 19,200 square meters were released during the seven-day period through Sunday, a weekly plunge of 73.8 percent and the lowest since the Spring Festival, Shanghai Deovolente Realty Co said yesterday. The sales of new homes fell 22.3 percent weekly to 202,000 square meters.
"The new home supply started to fall in the city since October and the trend just continued this month," said Lu Qilin, a Deovolente researcher. "Developers seem lackluster in launching new projects because some of them have already achieved their annual sales target while others simply prefer to reduce their existing developments first instead of putting new ones for sale."
As of Sunday, Shanghai's new home supply totaled 90,700 square meters, compared to 635,400 square meters in October and 1.27 million square meters in September, according to data released by Shanghai Uwin Real Estate Information Services Co.
The average price rose 3.3 percent from the previous week to 22,088 yuan (US$3,511) per square meter.
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