Home sales recover, but are still behind last year

Shanghai’s housing market showed signs of recovery last month amid the release of pent-up demand.

About 25,000 2nd hand residential properties changed hands in April, a month-over-month increase of 62 percent. On a year-on-year basis, the number fell 5%, Shanghai Homelink Real Estate Agency Co said in its monthly report yesterday.

Existing homes worth a total 73.7 billion yuan (US$10.35 billion) were sold — a rise of 65 percent from the previous month but a 9 percent fall from April 2019.

“Last month’s robust sales should be viewed as a sign of resilience of the market, which is still recovering its strength steadily,” said Yang Yulei, a senior analyst with Homelink. “On the price side, the market seemed to have achieved some stability.”

Homes cost an average 38,593 RMB per square meter, which was almost unchanged compared to March.

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