Posted 3/10/2024, 7:02:34 AM
Shanghai Home Sales Continue to Slump as Buyers Wait Out Falling Prices
- Shanghai housing market continues downward trend amid low demand and expectations of further price declines
- Lack of buying interest due to gloomy economic outlook; buyers feel current high prices unsustainable
- In February only 1,469 new homes sold, down 63% from January; average price down 0.2%
- Government incentives to spur purchases, like lower down payments and mortgage rates, have not boosted demand
- Prices of existing homes down over 20% from mid-2022 peak; more sellers willing to offer discounts to complete sales