Private home price index slows to 0.5%

Versus last quarter's 1.8% rise.

The URA released today the flash estimate of the price index for private residential property for 1st Quarter 2013. 

The overall private residential property index rose 1.1 points from 212.0 points in 4th Quarter 2012 to 213.1 points in 1st Quarter 2013. The growth in the index moderated to 0.5%, compared to the 1.8% increase in the previous quarter. 

Price increase of non-landed private residential properties slowed to 0.4% in Core Central Region in 1st Quarter 2013, compared to the 0.7% in the previous quarter. There was no price growth in Rest of Central Region, compared to the 0.9% increase in the previous quarter.

For Outside Central Region, prices increased by 1.7% in 1st Quarter 2013, which was less than half the increase of 3.8% in the previous quarter. 

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on new units sold by developers in the first two months of the quarter.

The statistics will be updated 4 weeks later when URA releases the full 1st Quarter 2013 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured.

Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.