Singapore resale private home values drop 1% in June from May

Resale prices of private homes reverted to their declining trend last month, falling 1 per cent from May, according to the latest Singapore Residential Price Index (SRPI) released on Tuesday. -- PHOTO: ST FILE
Resale prices of private homes reverted to their declining trend last month, falling 1 per cent from May, according to the latest Singapore Residential Price Index (SRPI) released on Tuesday. -- PHOTO: ST FILE

SINGAPORE - Resale prices of private homes reverted to their declining trend last month, falling 1 per cent from May, according to the latest Singapore Residential Price Index (SRPI) released on Tuesday.

This followed a surprise rebound in May, when private home resale values inched up 0.4 per cent from April. Earlier estimates had indicated a larger 0.8 per cent rise.

For the month of June, prices of resale private homes fell harder in the central areas than in suburban locations, the SRPI showed. The values of centrally located private homes dropped 1.5 per cent, while those in non-central areas dipped 0.4 per cent.

Small resale private homes, defined as those with floor areas of up to 506 sq ft, also fell in value by 0.4 per cent.

The index, compiled by the National University of Singapore, tracks a basket of completed homes across the island.