SINGAPORE - Resale prices of non-landed private homes slipped 0.6 per cent last month from September, according to SRX Property's flash estimates released on Wednesday (Nov 11).
The fall came on the back of a revised 0.3 per cent fall in September, bigger than the estimated 0.1 per cent dip flagged earlier.
From October last year, resale prices have fallen 2.6 per cent - and 7.6 per cent below the recent peak in January last year.
The price weakening was seen across all market segments. The prime districts (core central region), which saw a price increase in September, now saw prices fall 1.1 per cent in October. The city fringe (rest of central region) and the suburbs (outside of central region) posted price drops of 0.5 per cent and 0.4 per cent respectively.
But sale volume recovered somewhat from the trough they hit in September, with the number of units resold in October up 9.8 per cent month-to-month to 505 from 460 units.
Sales in September fell about 10 per cent from August, hit by the haze, the Hungry Ghost Festival and the General Election.
Analysts also said then that September's sales could have been hit by stiffer competition from executive condominums given the recent rise in the income ceiling. In August, the Government announced increases in the monthly household income ceilings for new HDB flats and ECs for the second time since 2011. They were increased by S$2,000 each to S$12,000 and S$14,000 for HDB flats and ECs, respectively.
Year-on-year, though, resale volume in October 2015 was flat compared to the 504 units resold in October last year. Resale volume was down by 75.4 per cent compared to its peak of 2,050 units resold in April 2010.
The median Transaction Over X-Value (TOX) for non-landed private property - which measures whether people are overpaying or underpaying SRX Property's computer-generated market value - resumed its downward slide in October, after rising for the first time in six months in September.
The median TOX for October was a negative S$3,000, reversing September's positive S$1,000.
For districts with more than 10 resale transactions in October, District 15 (Katong, Joo Chiat, Amber Road) posted the highest median TOX of positive S$20,000. District 14 (Geylang, Eunos) posted the most negative median TOX of S$30,000.