Private residential resale volume crashes in May

Prices hit new low since December 2012.

A report released today by the Singapore Real Estate Exchange revealed that only an estimated 421 private residential resale transactions were registered in the month of May.

This shows a 42.6% drop in resale volume compared to 734 units resold in May 2013. On a month-on-month basis, resale volume registered a 7.5% decrease.

Overall resale prices of non-landed private homes slipped also slipped 0.3% in the past month, remaining a 17-month low since December 2012.

On a regional basis, prices in Core Central Region (CCR) led the fall by dropping 2.9%, followed by a 0.3% drop in Outside Central Region (OCR). However, prices in Rest of Central Region (RCR) inched up by 0.6%.