HDB median rents dropped by $50 to $2,350 in May

After a constant $2,400 rent.

According to the SRX Property Index (SPI), in May 2013, overall HDB Cash-Over-Valuation (COV) dropped $4,000 to end at $26,000. This is the lowest monthly COV since July 2012.

Overall HDB resale prices slipped by 0.1% in May.

According to flash figures, resale transaction volume remained relatively low in May at 1,114 HDB flats sold. The complete May volume is estimated to be close to 1,300 resale cases. This figure is 10% lower than April's 1,453 resale cases, and about 35% lower as compared to the same period last year (there were 2,058 HDB resale flats transacted in May 2012).

An estimated 1,450 HDB flats were rented out in May 2013, 12% less than April's 1,643 rental transactions, and slightly less than the 1,508 flats rented out over the same period last year.

For the first time in a year, overall HDB median rents dropped by $50 to end at $2,350 in May 2013, after remaining constant at $2,400 since June 2012.