SHANGHAI'S existing housing index fell for the fourth straight month in January, with none of the areas monitored posting a price rise.

The index, which tracks price fluctuations of previously occupied homes around the city, lost 3 points, or 0.12 percent, from December to 2,583 last month, the Shanghai Existing House Index Office said yesterday.

"About 30 percent of the areas monitored by the office saw price drops last month while the remaining areas were unchanged," said Zhang Shu, an analyst at the index office. "In fact, scarce transaction was the major reason behind the stagnant prices as many home seekers preferred to sit on the sidelines in anticipation of cheaper tax cost."