The purchases of new homes in Shanghai plunged 45.5 percent to a three-and-a-half-month low during the first week of July, a traditional sluggish season, market data showed yesterday.
The sales of new homes, excluding government-subsidized affordable housing, fell from the previous seven-day period to 161,300 square meters last week, the lowest weekly volume since mid-February, Shanghai Deovolente Realty Co said.
They cost an average 24,825 yuan (US$4,017) per square meter, up 5.1 percent weekly.
"Buying sentiment plunged notably last week as the hottest month of a year finally arrived, which usually confines potential buyers at home," said Lu Qilin, a Deovolente researcher.
"This slack momentum will probably extend through July and August," he added.
