China Index Academy: Sanya sees biggest increase in house trade volume

China's house prices dropped last week in 60 percent of the cities surveyed, but sales volumes were significantly higher.

Figures from the China Index Academy show, the average home price in Shanghai was more than 22 thousand yuan per square meter, down nearly 5 percent compared with the previous week. While new home prices in Shenzhen decreased by a little under 1 percent. But the trade volume surged in many cities. Sanya, in Hainan province, posted the biggest increase. The trade volume there more than doubled last week compared with previous week.

Analysts say developers have been feeling cash flow pressure recently, and predict many new homes will be put on the market in Shanghai during the first half of this year.