Resale prices post surprise rebound in May

Private home resale prices rebounded islandwide in May from the month before, contrary to analysts' expectations that they would continue to weaken the rest of this year. -- PHOTO: ST FILE 
Private home resale prices rebounded islandwide in May from the month before, contrary to analysts' expectations that they would continue to weaken the rest of this year. -- PHOTO: ST FILE 

Private home resale prices rebounded islandwide in May from the month before, contrary to analysts' expectations that they would continue to weaken the rest of this year.

Prices climbed 0.8 per cent overall from April to May, according to Singapore Residential Price Index (SRPI) flash estimates released on Monday.

They had fallen 1 per cent from March to April as new launches drew buyers away from completed homes.

The index, compiled by the National University of Singapore (NUS), tracks a basket of completed homes across the island.

The price increase in May was largely the same across the board. Resale prices in the central region rose 0.7 per cent from April to May, after having dipped 0.1 per cent from March to April.

In the outskirts, resale prices picked up 0.8 per cent in May after tumbling 1.9 per cent in April from the preceding month.

These figures exclude resale prices of shoebox units up to 506 sq ft, which posted a 0.8 per cent gain in May from April. The segment had seen prices fall 1 per cent in April from March.

The basket of 429 completed projects that NUS tracks for its price index includes newer ones such as Marina Bay Suites, Reflections at Keppel Bay and The Interlace.

New home sales also shot up in May to 1,470 units sold, almost double the 749 units moved in April.