Prices for Shanghai's existing homes in 3rd monthly fall
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Shanghai's existing house index fell for the third consecutive month in August but recovering buyer momentum was detected.
The index, which monitors price fluctuations of existing homes across the city, lost 8 points, or 0.31 percent, from July to 2,543 last month, the Shanghai Existing House Index Office said. That compared with a 0.53 percent drop in July.
The monthly index ended its 15-month rally in June after rein-in policies by central government since April reduced sales.
"Buyer sentiment rebounded in August after discounts, though not major ones, were offered by real estate developers across the city," said Tao Ting, an analyst with the index office.
Shanghai's rental index rose 0.73 percent in August, extending a rally for 15 straight months since June 2009. Apartments under all categories registered rent growth from a month earlier, the rental index office said yesterday.
The prices of existing homes in five downtown districts registered an average 0.17 percent decrease last month, compared with a decline of 0.36 percent in July.
Across the city, 62 of the 68 areas tracked by the compiler suffered drops with the remaining six witnessing price gains. That compared with 63 drops and 5 gains in July.
Among the losers, Sanlin in Pudong New Area posted the biggest decrease with prices of existing homes down 1.41 percent in August. It was followed by Zhenbei in Putuo District and Gongfu in Baoshan District, down 0.92 percent and 0.87 percent, respectively.
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