Sales of new residences in Shanghai stopped dropping last week after shrinking for a month, but prices continued moving southward, Labor Daily reported today.

Last week, 3,849 new properties were sold, growing 9.9 percent from a week earlier, with the average price dropping 6.1 percent to 8,994 yuan (US$1,126) a square meter.

Sales prices of all residences, including villas, apartments and budget homes, reached 8,892 yuan a square meter after the volume grew 5.9 percent to 3,052. The sales volume of apartments dropped by 0.4 percent with the prices decreasing slightly to 8,854 yuan a square meter from 8,899 yuan.

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