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Prices rose by an average of 5.3 percent year-on-year in April, according to the National Development and Reform Commission.

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Although this rate may not seem overly high, it is part of a strong and continued rises in housing prices over the past months. What is alarming is that in some big cities, such as Beijing, Shenzhen and Nanjing, the monthly growth was as high as 10 percent.

Beijing, with a year-on-year growth rate of 10.7 percent, has been leading the nation since last June with price increases hovering around 10 percent.

The government, prompted by the worried public, has taken a series of measures since the market started warming up four or five years ago.

Admittedly, there are sound reasons for the continued strong price rise.

The soaring demand is a result of the country's scrapping its traditional national housing program, which has driven people to the commercial market, and growing urbanization, which has seen millions of people move to cities. And with a booming economy and few investment options, housing continues to attract investment.

There are obvious signs of speculation in the market.

A large number of investors are believed to be hoarding housing to profit from future price increases. They have distorted market supply and demand to push up prices.

The failure to devise proper policies to control speculation is one of the crucial factors behind the ever-rising prices.

The government, in the long run, can stabilize the property market through balancing regional development. It can divert demand to other regions, say, small towns and cities around regional centers.

In the short term, the speculative bubbles must be deflated so that supply and demand can reflect reality.

The Shanghai authorities reportedly decided over the weekend to levy a 20 percent tax on the sale of previously owned homes. Although the local tax authorities did not verify the news, it triggered an earthquake in the local market. People are rushing to sell their houses before tax measures are put in place.

Policymakers need to closely monitor the market reaction and study the pros and cons of a tax on the sale of previously-owned housing as a way to stabilize the red-hot market.

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