SINGAPORE - The average price of resale non-landed private homes in Singapore rose 0.4 per cent in May compared with April, with a significant spike in the number of sales, SRX Property said on Tuesday.

In the latest sign the local property market is stablising after some significant cooling, a total of 840 homes changed hands on the resale market in May, up from 619 in April, SRX said in releasing its latest data.

The most dramatic statistic in the latest data is that resale non-landed home prices for the central core region increased 4.7 per cent in May compared with May last year.

However, the overall resale price index rose by just 0.2 per cent year on year, dragged down by a 2 per cent fall in prices for the outside central region.

SRX noted that private resale non-landed prices are still 6.7 per cent below their recent peak in January 2014.