Weak sentiment dents brief housing sales rally

Source: Xinhua | 2017-05-09

THE rebound in pre-owned housing sales in March turned out to be brief as subdued sentiment regained control of the market, industry data showed yesterday.

Around 15,500 units of pre-owned homes changed hands in April, a 20 percent drop from 19,400 units sold a month earlier, Shanghai Homelink Real Estate Agency Co said in a report. The figure was a 9.4 percent decline year on year.

“Individual owners seem not very keen to put their houses on the market while new residential developments in the same neighborhood tend to offer more attractive prices, both hindering the recovery of existing home sales,” said Lu Wenxi, senior manager of research at Shanghai Centaline Property Consultants Co.