Resale volume plunged 22.2% to 242 deals in February

Resale prices also dipped 2%.

According to SRX Private Residential Flash Report, an estimated 242 non-landed private homes were resold in February, a 18.5% drop from January's 297 resale transactions. YOY, February 2014's resale volume posted a 22.2% decline from 311 resale deals closed in February 2013. This is also the lowest monthly resale volume since December 2008, when only 234 units were transacted in that month during the financial crisis.

Resale prices dipped 2.0% in February. According to the SRX Property Resale Index (SPI), overall resale prices of non-landed private residential units dropped 2.0% in February 2014, after two consecutive price gains in December and January.

"For the last fifteen months, the SRX property index for non-landed, resale properties is bouncing between the 170 and 180 band. Prices have been unable to break through the 180 ceiling, yet at the same time, prices are resisting the pressure from the cooling measures to fall below the 170 support level," noted Sam Baker, Co-founder & CEO of SRX.

Core Central Region's (CCR) prices dropped 3.9%, followed by Outside Central Region's (OCR) price decrease of 1.8%. Rest of Central Region (RCR), however, saw resale prices climbing by 0.4%.