Sales of new homes in Shanghai, excluding government-subsidized affordable housing, in the seven days through Sunday rose 13.9 percent week on week to 183,000 square meters, according to an industry report.

“The supply-demand scenario has changed dramatically since the latest tightening measures ... which came into effect in late March,” said Lu Wenxi, senior research manager at Shanghai Centaline Property Consultants Co, which published the data.

“The weekly transaction volume is expected to hover at a rather low level for some time,” he said.

The mean selling price of new homes in the seven-day period fell 10.4 percent to 36,233 yuan (US$5,555) per square meter, from a record high of more than 40,000 yuan the previous week.

Two of the 10 best selling projects cost more than 70,000 yuan per square meter, while a development in outlying Fengxian District with 51 apartments up for grabs drew the crowds with a mean selling price of 26,392 yuan per square meter.

On the supply side, the volume of new homes released to the market last week fell 23.9 percent from the previous seven days to 265,000 square meters. Of the total, 58 percent were offered for sale at less than 30,000 yuan per square meter.

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