Shanghai's new home market continued to grow last week with increases seen in transactions and supply, according to latest market data.
The area of new homes sold, excluding government-funded affordable housing, jumped 24.7 percent to 378,200 square meters during the seven-day period ended on Sunday, Shanghai Uwin Real Estate Information Services Co said in a report released yesterday.
These new homes cost an average 33,543 yuan ($5,195) per square meter, a week-on-week drop of 1.43 percent.
"Transaction volume exceeded 600,000 square meters in the first 13 days of this month, indicating good prospects for December if the current pace of sales could be maintained," said Huang Zhijian, chief analyst at Uwin.
"Notably, new home supply more than doubled last week, returning to above the 200,000-square-meter threshold for the first time in three weeks."
The city saw the release of 238,700 square meters of new houses spanning 14 projects, a surge of 134 percent from the previous week, Uwin data showed.
A project in Zhoukang, the Pudong New Area, was the most popular development in the city after 217 homes were sold.
