HDB resale prices slipped 0.7% in August

On the back of flat volume.

According to SRX, overall HDB resale prices slipped 0.7% in Aug, marking the fourth consecutive monthly drop in resale prices. This marks the first time prices have dropped by four consecutive months since Jan 2006.

HDB resale volume remained relatively flat. According to flash estimates, 1,280 HDB flats were sold in the resale market in August, similar to July's 1,286 resale cases. Year-on-year, August's resale volume represented a 29% drop from the same period in 2012.

An estimated 1,560 HDB flats were rented in August 2013, down by 3% compared to July. However, this number exceeded the 1,392 HDB rental transactions in August last year by 12%.

Meanwhile, overall HDB Cash-Over-Valuation (COV) dropped $2,000 in Aug to reach $18,000 - the lowest since Jul 2009, when the overall COV was $10,000.

The lowest COV by region is in Punggol HDB Executives where 2 out of a total of 3 transactions last month were sold below valuation. The median COV was -$13,000. On the flip side, the highest COV is seen in Bishan HDB Executives where the median COV was $120,000.

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