Wendy Zhang/ Shanghai Daily news

The local austerity policies seem to be taking effect in the real estate market, with a total of 338,000 square meters of new homes traded last week, down nearly 60,000 square meters from a week before, today's Wenhui Daily reported.
The average new home price was 7,238 yuan (US$872) last week and with a growing number of properties for the relocated hitting the market, the average price declined to less than 7,000 yuan on April 21.
April is usually considered a golden month for property sales, but now, many local property trade markets are sluggish. Only more than 100 new apartments were traded in the city last Friday, with properties outside the city's Outer Ring Road receiving little interest.
Home buyers are more cautious and rational nowadays and the used home sales have also affected new home sales, said an industry analyst.