Total private home transactions plunge 57% from January to July: report

HDB resale applications also fell by 15%.

Residential property prices are steadily heading south, thanks to the government’s different cooling measures. Due to the increasing completions of new homes, private and public housing prices have started retracing from their highs. 

According to CIMB, The price drop was accompanied by a 57% yoy drop in total private home transactions, including ECs, to 5,365 units from Jan to July of this year as buyers hold back on their buying decisions or evaluate their affordability status.

Within the public housing market, meanwhile, HDB resale applications for the first two quarters of 2014 have also dropped by 15% yoy.

“The URA property price index has declined 3.2% since the high in 3Q13 and is 18% above the previous peak in 1Q08. The high end market segment in the Core Central Region (CCR) continued to see the highest slippage of 2.5% from end 2013 while those in the city fringe areas (Rest of Central Region, RCR) experienced a smaller 2.4% dip. Prices in the suburban localities (Outside Central Region, OCR) only saw a marginal 1% retracement. HDB resale prices have retraced 5.3% from the high in 2Q13,” noted the report.