Private primary home sales crashed 17% to 9,950 units

Prices edged further up.

According to Credit Suisse, private residential prices rose further (up 1.0% QoQ) in 2Q, led by OCR (up 3.8% QoQ). However, HDB’s resale price index growth slowed, increasing 0.5% QoQ (1Q13: 1.3% QoQ).

YTD private residential primary sales volume moderated 17% YoY to 9,950 units.

Here's more from Credit Suisse:

We have previously forecasted a potential 30% decline in volumes this year, and the risk of this happening has been exacerbated by the introduction of the Total Debt Servicing Ratio framework (TDSR) effective 29 June 2013.

Meanwhile, office prices rose 1.5% QoQ (1Q13: 2.1%), with rental rebounding 0.2% QoQ (reversing five consecutive quarters of decline). Growth of retail prices slowed to 1.7% QoQ (1Q13: 2.1% QoQ), while rental declined a further 0.8% QoQ (1Q13: -0.6% QoQ), led by Central rents.

Industrial prices fell slightly this quarter by 0.6% QoQ after rebounding 4.5% QoQ in the first quarter, driven by a 5.9% QoQ decline for warehouse (reversing a 10.6% QoQ price increase in 1Q13). Correspondingly, industrial rents moderated 0.1% QoQ.

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