Chart of the Day: Number of unsold homes hit three-month high at 1,590 units in June

This is despite the number of June launches hitting a four-year high at 726 units.

This chart from OrangeTee & Tie shows that the number of homes that are already launched but remain unsold hit a three-month high in June at 1,590 units. The monthly number of unsold homes has been in a decline until June.

This is despite the fact that 726 units were launched in June, the highest number of units launched in the month of June since 2013 (1,768 units excluding ECs). Overall sales plunged by 43.92% to 706 units.

"Sales volume did not match the market confidence of some developers as many key projects were launched at new benchmark prices in June," said OrangeTee & Tie head of research & consultancy Christine Sun.

Other analysts indicated that weak developer sales for the month are the calm before the storm. Sales are expected to slow down following the implementation of new cooling measures in Singapore's residential property market.