New | Secondary home transactions may have peaked in Shanghai and Beijing
Second-hand deals fall in Beijing and Shanghai despite price rise and government measures
Although prices are still rising, sales of second-hand homes in Shanghai and Beijing declined last month from July, the SCMP-Century 21 index showed, indicating the policy-induced housing market recovery is losing momentum.
The average asking prices for existing homes inched up 0.1 per cent in Beijing to 42,780 yuan (HK$52,009) per square metre and 0.8 per cent in Shanghai to 35,893 yuan per square metre.
However, sales dropped 9.7 per cent in the capital to 20,737 units and fell 0.67 per cent in the financial hub to 34,707.
"A golden September is still possible, as the government has been trying to stimulate demand," said Century 21 China Real Estate, a consultancy that has partnered the South China Morning Post in the monthly index covering housing market activities in the country's two most important cities.
The home price index in Beijing stayed unchanged at 163, while that for Shanghai rose to 148 from July's 147.