SALES and supply of new residential properties both declined in the city last week, terminating a five-week rally lasting from the end of Spring Festival, according to market data released today.
Purchases of new homes, excluding government-funded affordable housing, fell 25.8 percent week-on-week to 149,400 square meters during the seven-day period that ended Sunday, Shanghai Deovolente Realty Co said in a report.
They were sold for 20,687 yuan (US$3,270) per square meter, an increase of 1 percent from a week earlier.
"In general, the local housing market is still on track to gradually recover despite the drop recorded last week," said Lu Qilin, a researcher at Deovolente. "Whether developers agreed to offer significant cuts remained a crucial factor to the fluctuation of transaction volumes."
So far this year, an average of 86,000 square meters' new houses were sold in the city every week, Deovolente data showed.