SHANGHAI'S new housing market remained buoyant last week despite a drop in both transaction volume and price.

The area of new homes sold, excluding government-funded affordable housing, fell 9.3 percent week on week to 458,000 square meters, Shanghai Centaline Property Consultants Ltd said in a report yesterday.

The average price of these new houses declined 3.9 percent from the previous seven-day period to 32,526 yuan (US$5,000) per square meter, according to Centaline data.