SINGAPORE - Resale prices of non-landed private homes dipped by 0.3 per cent in February from the month before, SRX Property said on Tuesday.

Much of the fall came from resale transactions outside the central region, where resale prices fell 0.8 per cent from January.

Resale homes in the core central region recorded no change in prices, while in the rest of the central region, resale prices inched up 0.1 per cent.

Year-on-year, resale prices dropped 1.6 per cent last month, and were down by 7.4 per cent from the recent peak in January 2014.

An estimated 356 non-landed private homes were resold last month, down 10.8 per cent from the 399 units resold in January.

Year-on-year, resale volume in February was 3.8 per cent higher compared to 343 units resold in the same month last year.

The median TOX for February was -$7,000.

The median TOX measures whether people are overpaying or underpaying based on SRX Property's estimated market value of a property.

For districts with more than 10 resale transactions last month, District 27 (Yishun, Sembawang) posted the highest median TOX at $10,000. This means that a majority of the buyers in this district purchased units above the computer-generated market value.

District 16 (Bedok, Upper East Coast) posted a TOX of -$37,000. This means that a majority of the buyers in these districts purchased units below the computer-generated market value.