Condo resale prices slip 0.5% in July as sales also drop: SRX Property

The Singapore skyline with private and public housing in the central and southern part of Singapore.
The Singapore skyline with private and public housing in the central and southern part of Singapore. ST PHOTO: KUA CHEE SIONG

SINGAPORE - Resale prices of non-landed private homes in Singapore declined by 0.5 per cent month-on-month in July after rising the previous two months, according to flash estimates from SRX Property on Tuesday (Aug 8).

While resale prices in the core central region and city fringes edged up by 0.6 per cent and 0.4 per cent respectively, prices in the suburban areas fell by 1.9 per cent, the estimates showed.

Compared to a year ago, condo resale prices are up by 2 per cent from July 2016, though they are still down by 5 per cent from their last peak in January 2014.

Year-to-date, prices have increased by 2.2 per cent.

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July's price month-on-month decline was a turnaround from the 0.7 per cent increase in June, which was revised down from a 0.9 per cent rise.

Source: SRX Property

In another indicator that the resale market cooled last month, the number of homes sold fell by 9.7 per cent to 952 units from the 1,054 shifted in June.

Compared with a year ago, sales were up by 20.1 per cent from 793 units sold in June 2016. Resale volume was down by 53.6 per cent compared to its peak of 2,050 units resold in April 2010.

SRX's median transaction over X-value (TOX) - which measures if buyers are overpaying or underpaying its computer-generated market value - fell to zero in July from S$1,000 in June.

For districts with more than 10 resale transactions in July, District 20 (Ang Mo Kio/Bishan/Thomson) posted the highest median TOX of S$60,000.

Among relatively active districts, District 26 (Mandai/Upper Thomson) had the most negative median TOX of -S$27,000.