Resale home prices dip 0.2 per cent in May

Prices of resale homes in Singapore declined in May, as buyers took a breather from the property market.

Prices of resale homes fell 0.2 per cent in May compared with April, in contrast to the 1.9 per cent increase in April, according to the latest Singapore Residential Price Index (SRPI) released on Friday by the National University of Singapore.

The SRPI showed that properties outside the central region led the decline last month falling 1.6 per cent reversing the 2.4 per cent jump seen in April.

Small units of 506 sq ft or less in size also showed a decline, losing 1.3 per cent in May, compared with a 1.8 per cent rise in April.

The prices of centrally-located homes, continued their rise. Following a 1.3 per cent improvement in April, prices went up 1.5 per cent in May.