New home sales rise 13.6% MoM in March

However, it is 24.8% less than 654 units year-over-year.

New developer sales, excluding executive condominiums (ECs), rose by 13.6 % MoM to 492 units in March 2023, data from CBRE showed.

Comparing the figure to March 2022, however, sales dropped 24.8%.

CBRE said cautious buying sentiment amidst record-high interest rates and a slowing economy drove the MoM sales increase.

The March transactions bring the total new home sales for Q1 to 1,880 units, which is 29.9% lower year-on-year. 

READ MORE: New home sales at an upward trend in March: property experts

For the whole year, CBRE predicts that new home sales will reach 7,500-8,500 units, a marginal increase from 7,099 units sold in 2022.

Due to low unsold inventory and healthy household balance sheets, CBRE said prices are also likely to increase by 3%-5%.