Sales of new homes stay stable

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SHANGHAI'S new home sales market remained stable last week in both volume and price.

Sales of new homes, excluding those built under the city's affordable housing programs, totaled 170,100 square meters between May 2 and 8, a weekly rise of 1.5 percent, according to a report released yesterday by China Real Estate Information Corp.

The average price rose 3.5 percent to 19,995 yuan (US$3,076) per square meter.

Sales of mid- to low-end residential properties seemed to pick up during the past week with seven out of the 10 best-selling projects by area priced at lower than 20,000 yuan per square meter.

About 120,000 square meters of new homes sold last week citywide cost less than 20,000 yuan per square meter, CRIC data showed.

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