Condo resale prices dip 0.7% in October

Outside Central Region recorded the largest price slip at 2%.

Latest figures from SRX Property revealed that non-landed private residential resale prices declined 0.7% in October compared to the preceding month.

"In individual sectors, CCR and OCR recorded a price decrease of 0.8% and 2.0% respectively. On the other hand, RCR recorded a price increase of 1.5%," SRX Property noted.

On a yearly basis, prices in October dipped 1.1%, with RCR and OCR recording price decrease of 2.0% and 3.3% respectively. On the other hand, CCR posted a year-on-year price increase of 4.9%.

October prices were down by 8.5% from the recent peak in January 2014.

Meanwhile, resale volume slumped 15.2%. Based on compiled data for the month, an estimated 586 condo units were resold, in stark contrast with 691 resold units in September.

Resale volume in the said month is higher than last year's 508 units. However, it is 71.4% far down from its peak of 2,050 units resold in April 2010.