SINGAPORE - Prices of completed private apartments and condominiums swung to a 0.4 per cent rise in May from the previous month, after falling a revised 0.8 per cent in April.

After see-sawing from month to month, prices are flat to date this year,

They are down 1.2 per cent over the last 12 months, according to flash estimates from the National University of Singapore's Singapore Residential Price Index (SRPI) released on Wednesday (June 28). Prices are down 13.6 per cent from their post-Global Financial Crisis peak in July 2013.

Said Ong Kah Seng, director of R'ST Research: "Property sentiments may have notably improved from Jan 2017 and especially March 2017 following the relaxation in cooling measures. However, this monthly price increase in May is very marginal and it should be read as more of an auto-upwards-correction following a dip of 0.8 per cent in prices in April - reflecting trending towards stable pricing for completed properties."

Compared to exuberant sales of newly launched units, "buying interest remain realistic and price sensitive for resale properties", said Mr Ong.

Going by general location, prices rose 1.3 per cent in May for homes in the central region, excluding small units. This covers districts one to four (including the financial district and Sentosa Cove) and the prime residential districts of 9, 10 and 11.

Homes in the non-central region, excluding small units, dipped 0.3 per cent month-on-month.

In contrast, prices of small units, defined as those with a floor area of 506 square feet or less, reversed their increase in April, declining 1.3 per cent in May.