SHANGHAI: New home prices breached the 23,000 yuan (US$3,367) psm barrier for the first time last week amid abundant supply.

The average price of new homes, excluding those designated for relocated residents under urban redevelopment plans, soared to 23,305 yuan psm between April 12 and April 18, up 4.8 percent from the previous week, reported the Shanghai Daily, citing a report released on April 19 by China Real Estate Information Corp (CRIC), a consulting and online services provider.

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