Secondary market sales in 50 key housing estates dropped 8 per cent last week to 427 units following a strong showing a week earlier, when transactions jumped 40 per cent. Ricacorp Properties monitors sales data from the 50 key estates on Hong Kong Island, Kowloon and the New Territories every week. Its latest report shows that 427 sales were recorded in the estates for the week to Sunday, compared with 463 transactions in the previous week. However, the average price of the transactions rose 0.8 per cent from the previous week to HK$4,008 per square foot. Commenting on the data, David Chan, director of Ricacorp Properties, said rising prices had sidelined some buyers. 'People were hesitant to buy, as the asking prices for the properties in the secondary market have risen significantly recently. This resulted in a small slowdown in sales,' Mr Chan said. Kingswood Villas in Tin Shui Wai was the only housing estate in which flats were changing hands at below HK$2,000 per square foot. The estate saw 49 transactions at an average price of HK$1,823 per square foot last week - the highest sales volume of all the housing estates. Transactions at Taikoo Shing were down 11 per cent to 28 units last week. The average price at which units sold was HK$5,600 per square foot. Mr Chan said he expected sales transactions in the secondary market to rebound in two to three weeks once buyers realised prices would continue to rise. Meanwhile, agents said that sales in the primary market were down sharply by more than 20 per cent to about 120 units last week, as no new projects were launched in the property market. About half of the deals came from sales of the Apex in Kwai Chung industrial district. 'Developers focused on the sales of remaining units at residential projects which have been marketed for a few years,' said Louis Chan Wing-kit, a director of Centaline Property Agency. 'As a result home seekers don't have many new choices.'