September 1 -- Home transaction figures in Beijing hit a three-year low in August, and a number of property brokerages are forecasting that local home prices may drop further despite the traditional peak home-buying season in September and October, reports Beijing Morning Post.

According to the Beijing Real Estate Transaction Management Network, as of August 30, home transactions in Beijing totaled 13,043 units, down 31.8 percent year-on-year and 26.4 percent month-on-month, hitting a new low since September 2008.

The average transaction price of commercial residential housing in August fell 2.5 percent month-on-month to 21,689 yuan per square meter.

Separately, Taizhou city in Zhejiang province became the first city among the second and third-tier cities to release policies restricting home purchases on August 25. The regulations become effective today.

According to a survey by property agency Centaline, 60.6 percent of the survey respondents said they will postpone their home purchases.

An analyst at Centaline, Zhang Dawei, said the restrictions in second and third-tier cities resulted in a wait-and-see attitude among buyers in Beijing.

Shares of Beijing Vantone Real Estate (600246) rose 0.23 percent to trade at 4.34 yuan at 10:37 today.