The sale of 20 high-end villas last week raised the average price of Shanghai's residences, but the transacted volume continued to drop, Youth Daily reported today.

Last week, 3,432 new properties were sold, dropping 15.9 percent from a week earlier. The average price rose 13.1 percent to 9,576 yuan (US$1,197) per square meter.

The transacted volume of residences, including villas, budget houses and apartments, decreased by 18.2 percent to 2,851 units, while prices jumped by 15.2 percent to 8,444 yuan.

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