SINGAPORE - The resale prices of private condominiums and apartments in Singapore edged up 0.2 per cent in August over the previous month, flash estimates from SRX Property showed on Tuesday (Sept 8).
SRX Property also revised down its figure for July to show a 0.1 per cent price rise from the 0.3 per cent increase estimated last month.
This is the third month in a row, starting in June, that prices in this segment of the market have inched up.
Compared to a year ago, prices in August are 1.7 per cent lower, and are down 6.5 per cent from their recent peak in January 2014.
In further signs of a stabilising market, the overall median transaction over X-value (TOX) stayed zero for August - for the fifth consecutive month.
The median TOX measures how much people are overpaying or underpaying against the computer-generated estimated value or the so-called X-value.
Prices in the city fringe or rest of central region increased 1.8 per cent in August. However, prices slipped 0.5 per cent in the prime or core central region and dipped 0.2 per cent in the suburbs or outside central region.
An estimated 466 non-landed private residential units were resold in August - 16 per cent higher than the 402 units for August last year.
Not surprisingly, with the Hungry Ghost Month starting in August, resale volume was 16.8 per cent lower than the 560 units for July.
Transactions are still down 77.3 per cent compared to their peak of 2,050 units resold in April 2010.