Upside surprise: HDB resale prices inched up in October on back of higher EC costs

Resale volume climbed 5.7%.

For the first time this year, HDB resale prices inched up 0.1% month-on-month in October. According to a flash report by the Singapore Real Estate Exchange, the increase was driven by a 0.8% increase in the resale prices of Executive Condominiums.

The prices for HDB 4-room flats levelled with September prices. In comparison, prices for HDB 3- and 5-room flats dipped by 0.4% and 0.1%, respectively.

On a year-on-year basis, prices have dropped 6.1% from October 2013. Prices have declined 9.0% since the peak in April 2013.

Resale volume also increased significantly. According to HDB resale data compiled by SRX Property, 1,553 HDB resale flats were sold in October, a 5.7% increase from 1,469 transacted units in September. 

This is the highest monthly resale volume this year. However, resale volume is down 57.4% compared to its peak of 3,649 units in May 2010.