The average price of new homes remained above 20,000 yuan (US$3,000) per square meter in Shanghai for the fifth consecutive week even though transactions declined.

A total of 319,000 square meters of new homes were sold in Shanghai during the week ended yesterday, up 8 percent from a week earlier, Shanghai Uwin Real Estate Information Services Co said yesterday. Uwin said the average price decreased 3 percent in the week to 23,086 yuan per square meter.

The figures exclude homes built for relocated residents under urban redevelopment plans.

"The weekly average price soared above 23,000 yuan per square meter for the second time in a month as a result of strong sales at some luxury developments," said Lu Qilin, a researcher at Uwin. "While the transaction volume decreased in the city over the past two weeks, sales at projects with a selling price of more than 40,000 yuan per square meter increased in the period."

Star River in Minhang District, for example, became the best-seller by area last week after 78 units, totaling 23,609 square meters, were sold for an average 47,347 yuan per square meter. Yanlord Townhouse, a luxury development in New Jiangwan Town of Yangpu District in the city's northeast, sold 64 units, totaling 13,738 square meters, with an average selling price of 58,945 yuan per square meter.

For the week, sales of new homes priced above 40,000 yuan per square meter continued to rise, up 19 percent from a week earlier, Uwin said.