Robust sales at a luxury project in Huangpu District pushed the average new home price to a three-month high in Shanghai last week.

At the same time, transaction volume dropped significantly amid inadequate supplies.

Prices of new homes, excluding those designated for relocated residents under urban-redevelopment projects, soared 21 percent to 19,634 yuan (US$2,876) per square meter between November 9 and 15, Shanghai Uwin Real Estate Information Services Co said yesterday.

It was the second highest weekly total in the city. During the week ending on August 16, new homes in the city sold at an average of 19,991 yuan per square meter, a record.

Forty-five units, totaling more than 10,000 square meters, at The Bund Side, a residential project developed by Hong Kong-listed China Resources Land Ltd, were sold last week at an average price of 68,893 yuan per square meter.

Transaction volume fell 22 percent to 395,100 square meters.

"Most new supplies were digested immediately after they entered the local market," said Lu Qilin, a researcher at Uwin.