Housing fairs in China have become special events that accurately reflect market momentum.

The Shanghai Spring Housing Fair concluded with 120 million yuan worth of transactions, higher than last year. But volume decreased 20 percent, meaning the prices have gone up.

A Shanghai resident said, "At last year's event, I saw prices for houses inside the ring road were at 17 thousand yuan a square meter. This year, houses outside the ring road are priced above 20 thousand yuan a square meter."

The annual fair was popular as usual. During week days, the majority of visitors were middle aged. Young couples flocked in on the weekends. But they see their long-cherished dream of owning a home in China's biggest city slipping further away every year. They hope government tightening measures can help.

A Shanghai resident said, "If bank credit is tightened, high housing prices will not sustain."

Most of the 140 thousand would-be buyers were young couples wanting a place of their own, and middle-aged homeowner looking to upgrade. Some doubt the possibility of a housing downturn, and are preparing to move to the suburbs, and even neighboring counties.