NEW home sales rose 47 percent to 449,000 square meters in Shanghai last week, extending the rally for the seventh consecutive week, according to Shanghai Uwin Real Estate Information Services Co.

Average price, despite dropping 13 percent from a week earlier to 20,095 yuan (US$3,009) per square meter, remained above the 20,000 yuan per square meter barrier for the third straight week.

"New home sales during the recently closed National Day holiday were probably the highest over the past few years and it will be some time before we can see whether the latest round of tightening measures, introduced by both the central and local governments, can effectively rein in buyer momentum," said Lu Qilin, a Uwin researcher.

New home supply rose 48 percent week-on-week to 296,000 square meters, Uwin statistics showed.