Chart of the Day: Private home volume fell 14.4% QoQ in Q1

This is attributed to the slowdown in housing demand.

This chart from EDMUND TIE shows that total transaction volume of private homes declined for the second consecutive quarter by 14.4% QoQ to 4,174 homes in Q1. This is said to be the lowest since Q1 2019, when total sales amounted to 3,743 units.

This is attributed to the slowdown in housing demand amid weakened sentiments, fewer launches in the quarter, and homebuyers turning more cautious amidst economic uncertainties and the pandemic.

Further, new sales decreased by 12.0% QoQ to 2,149 units in Q1 2020, constituting 51.5% of total private home sales. Transaction volume in the resale market fell by a larger 16.8% QoQ to 2,025 units.