You won't believe how much prices of posh homes had dropped

Price dropped steeply by 3.8% since peak.

According to Barclays, the Urban Redevelopment Authority’s flash data for 1Q14 indicate that its index for private home prices fell 2.7 points to 211.6 in 1Q14, down 1.3% q/q and -0.8% y/y.

This is the second decline after -0.9% q/q in 4Q13, bringing the cumulative decline to 2.2% since the peak.

Here's more from Barclays:

Private home prices are still 59% above the last trough in 2009. Public housing fared worse, falling for the third straight quarter for a cumulative slide of 3.9% from the peak.

Private home price declines were steeper for mid- to high-end homes. In the Core Central Region (CCR), which usually represents high-end homes, prices fell 1.3% after declining 2.1% in 4Q13.

This is the fourth consecutive quarter of price declines in this segment, bringing the total decline of CCR prices to 3.8% since the peak.

Prices of midend homes fell 2.8% in 1Q14 while prices of suburban homes – proxied by the Outside Central Region (OCR) – was relatively more resilient even as it decreased for the second consecutive quarter by 0.3% after its 1.0% decrease in the previous quarter.

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