SINGAPORE - Resale prices of non-landed private residential properties stagnated in February, remaining unchanged from January, according to flash estimates from SRX Property on Tuesday.

Year on year, prices have dropped 3.2 per cent from February last year, and were down 5.8 per cent from when prices last peaked in January 2014.

The price change in January this year has been revised up, from a 0.2 per cent decrease to unchanged.

Prices in the prime central areas - or Core Central Region - and the suburbs - or Outside Central Region - rose by 1.5 per cent and 2 per cent respectively. On the other hand, prices in the city-fringe - or Rest of Central Region - dropped by 0.8 per cent.

Resale volume remained low. An estimated 321 non-landed units were resold in January, a 6.7 per cent decline compared with 344 units resold in January this year.

Year on year, resale volume was 36.6 per cent higher, compared with 235 units that changed hands in February 2014.

But resale volume is down 84.3 per cent compared with its peak of 2,050 units in April 2010.

SRX Property said non-landed private residential prices continue to face downward pressure and negative market sentiment.

Their overall median Transaction Over X-Value (T-O-X) remained at negative 10,000, unchanged from the previous month. A negative T-O-X means that the buyers are purchasing units below their computer-generated market value.

For districts with more than 10 resale transactions in February, District 10 (Bukit Timah, Holland Road, Tanglin) had the highest median T-O-X of $27,000. This means that majority of the buyers in this district purchased units above the computer-generated market value.

Among districts with more than 10 resale transactions, the lowest median T-O-X was in District 15 (Katong, Joo Chiat, Amber Road) with T-O-X of negative $31,000, followed by negative $20,000 in District 23 (Bukit Panjang, Choa Chu Kang).