PRICES of completed private homes hit a turning point in December, falling by 0.3 per cent from November, according to new data released today.

The fall was led by homes in the central region, where prices dropped 1.3 per cent last month, the latest Singapore Residential Price Index (SRPI) showed.

Homes in non-central areas, however, continued their upward price trend, with values rising 0.5 per cent in December over November.

The prices of completed small units - of 506 sq ft or less in area - stayed flat last month. These units are not counted in tabulating the price rises for the central and non-central regions.

The SRPI, which is compiled monthly by the National University of Singapore's Institute of Real Estate Studies, tracks the price movements of completed private homes excluding executive condominiums. This is the first month that the index is using March 2009 as its base period.