Residnece prices dropped by 4.6 percent last month inShanghai
from a month earlier, with the sales volume plunging 44 percent due to the Spring Festival holiday, ehomeday.com said today.
Housing prices in the downtown Xuhui District slid the most in the city by posting a 21.3-percent slump last month, the online real-estate service provider said.
The city transacted 991,000-square-meters of residences last month, falling 44 percent from a month earlier but growing 18 percent from a year earlier.
Many developers delayed the promotion of new properties in the first two months of this year because the Spring Festival is an off-season of home sales, which affected the transaction of new homes, the report said.
Shanghai's housing prices fell 3.2 percent last year from 2005 after the government issued a string of polices to control the hiking prices, including adding more taxes and banning foreigners from buying more than one residence.