SHANGHAI'S existing housing index remained little changed for the third consecutive month in September while the market still waited for signs of notable price cuts.

The index, which tracks price fluctuations of the city's previously occupied homes, gained 1 point, or 0.03 percent, from a month earlier to 2,600, extending its rise for 13 straight months, the Shanghai Existing House Index Office said yesterday. The index added 0.05 percent in August and 0.03 percent in July.

"While supply has outweighed demand as a result of ever-tightening austerity measures being implemented, a buyers' market is yet to appear," said Zhang Shu, an analyst at the index office. "There are discounts in some areas of the city but in general, home prices stayed firm."

The prices of existing homes in prime sites, including the four downtown districts in Puxi and Lujiazui in the Pudong New Area, edged up 0.02 percent on average in September, ending a two-month drop since July.