Chart of the Day: Private home prices decline for the fourth consecutive quarter

Non-landed homes in Core Central saw the largest drop.

According to the URA’s quarterly statistics for Q3/2014, the private residential property price index slipped marginally by 0.7% QoQ, compared to the 1.0% fall registered in Q2/2014. This is the fourth continuous quarter of price decrease, registering a total decline of 3.9% over this time period.

Prices of landed and non-landed homes fell 1.8% and 0.4% respectively in Q3. Non-landed private homes in the Core Central Region (CCR) saw the largest drop with prices dipping by 0.8%, lesser than the 1.5% drop in the previous quarter. Likewise, prices in the Rest of Central Region (RCR) and Outside Central Region (OCR) slipped marginally, by 0.4% and 0.3% respectively compared to their respective decreases of 0.4% and 0.9% in Q2.

Similarly, average prices of high-end, non-landed homes tracked by Savills posted another quarter of descent, easing by 2.6% QoQ to S$2,269 per sq ft. This is the sixth consecutive decline since Q1/2013, falling by a total of 6.8% in that time from the high of S$2,429 per sq ft.