Not a single deal was reported from developments in the primary market other than Cheung Kong (Holdings)' Seasons Monarch project over the weekend, according to estate agents. By Monday night, 122 deals were reported at Cheung Kong's new project in Kam Tin, thanks to promotions on the development. Even worse was sales in the secondary market, where deals done between September 29 and October 5 collapsed to a 100-week low (excluding deals done over the last two Lunar New Year weekends when transactions are traditionally low). Just 177 units changed hands in this segment in the 50 key housing estates monitored by Ricacorp Properties, down 8.3 per cent from a week earlier. No deals were done in seven of the housing estates, namely City Garden in North Point, Sceneway Garden in Lam Tin, Central Park above Olympic Station, Sha Tin Centre, Luk Yeung Sun Chuen in Tsuen Wan, Tierra Verde in Tsing Yi and Fairview Park in Yuen Long. Average transaction prices in the secondary market were down 1.2 per cent last week, extending declines to a 15th consecutive week. Prices are now down by an accumulated 12 per cent compared with the peak at the end of March. David Chan Tai-wai, a director at Ricacorp, forecast that weekly transaction volumes would likely stay below 200 units until the stock market stabilised. He added that housing price would remain under pressure amid the financial crisis. Data also shows that as the housing slowdown continues, speculators are being driven out of the market. In the third quarter, 312 'confirmor' deals were recorded in the secondary market, a 60.2 per cent drop from the 784 deals in the second quarter. It is also the lowest deal volume for the past six quarters. Confirmor deals are a gauge of short-term speculation which occurs when a buyer enters into an agreement for the sale and purchase of a property with the owner but before completion sub-sells the property to a sub-purchaser. Meanwhile, total confirmor deal values have slumped 59.4 per cent to HK$1.2 billion from HK$2.95 billion. Wong Leung-sing, an associate director of research at Centaline Property Agency, said the drop was largely because of the continuous decline in house prices, which exposes speculators to losses on their deals. Separately, the 312 confirmor deals in the third quarter accounted for 2.1 per cent of overall transaction in the secondary market, down 1.6 percentage points from the second quarter, indicating speculative activities declined with the slowing housing market.