Average home prices may rise 3 to 8 percent this year, with sale volumes climbing 5.6 percent, according to sector specialists.

"The growth rate of property sales this year will be very similar with that of last year, despite the government's latest round of policy tightening," said Nicole Wong, regional head of property research at CLSA Asia-Pacific Markets.

Growth in residential housing sales in the first four months eased to 59.8 percent from of 61.3 percent during the January to March period. The amount of floor space sold grew 38 percent, up 0.9 percentage points on the first three months, according to the National Bureau of Statistics.

"Though the average home price across the country will increase by 3 to 8 percent in 2013, the price hike in key cities such as Beijing, Shanghai and Guangzhou could hit 20 percent," Wong said.

According to a survey by CLSA, 43 percent of property developers are expecting a price hike. And 35 percent of potential buyers are also expecting a price increase.

Imbalances between supply and demand will improve by the end of this year, said Wong.