New-home sales rose to a six-week high in Shanghai with the mid-range and low-end segments seeing robust sentiment, Shanghai Daily reported Tuesday, citing data from Shanghai Deovolente Realty Co. Ltd. Purchases of new residential properties, excluding government-subsidized affordable housing, jumped 8.2 percent week on week to 406,600 square meters during the seven-day period ended on Sunday, the company said. Meanwhile, the average cost of a new home fell 4.4 percent to 24,405 yuan (US$4,000) per square meter in Shanghai last week, the first time in four weeks it fell below the threshold of 25,000 yuan per square meter, Deovolente data showed. Of the city’s 10 best-selling projects, half were sold at a price of less than 20,000 yuan per square meter. On the supply side, 493,200 square meters of new homes were released to the local market last week, up 16.8 percent from a year earlier.
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