Resale prices of non-landed homes hit 16 month low in Singapore

The overall resale prices of non- landed private homes in Singapore fell by 1.7 percent in April on month, hitting a 16-month low since December of 2012, the Singapore Real Estate Exchange (SRX) said on Monday. This trend came in spite of the increase in volumes of resale transactions. There were totally 476 resale transactions of non- landed private homes in April, up 24.6 percent on month and the most since last October. On year on year basis, the resale transaction volume still registered a 26.7 percent dip compared to 649 units resold in the same month of last year. In particular, resale prices of homes on the city-fringe areas dropped the most, falling by 3.6 percent, while those in the core central areas declined 2.3 percent. However, prices of homes in suburban areas inched up by 0.4 percent. The data also showed that rental volume remained flat, with 3, 202 units rented last month compared with March's 3,206 rental transactions. But the rental prices edged up by 0.2 percent in April over March, after reaching a 27-month low in March.