New home prices in Shanghai rose above the 23,000 yuan (US$3,367) per square meter barrier for the first time last week amid abundant supply.

The average price of new homes, excluding those designated for relocated residents under urban redevelopment plans, soared to 23,305 yuan per square meter between April 12 and Sunday, an increase of 4.8 percent from the previous week, according to a report released yesterday by China Real Estate Information Corp (CRIC), a consulting and online services provider.

"The significant increase in new home supply over the past week triggered a sales spree and robust transactions in high-end developments helped push up the average price to a record high," said Sky Xue, a CRIC analyst. "I expect the recent measures by the government, including tightened credit polices, announced on Thursday and Saturday to curb some demand from buyers and cool the market."

New home sales jumped 35 percent to 347,100 square meters last week in the city after supply more than doubled to 414,800 square meters.