The upward crawl began in March this year where the resale transactions were at the lowest ebb.  Below shows the month-by-month progression:

§ January 2007 total transactions - 2,313
§ February 2007 total transactions - 1,958
§ March 2007 total transactions - 1,217
§ April 2007 total transactions - 2,089
§ May 2007 total transactions - 2,184
§ June 2007 total transactions - 2,250
§ July 2007 total transactions - 2,385
§ August 2007 total transactions - 2,553

Sub-total from January to August 2007 = 16,949 transactions

The increase in resale activities in August was despite the traditional Hungry Ghost month, suggesting a strong underlying demand for HDB resale flats.

The worsening of the US sub-prime market crisis might also have forced some prospective buyers who were originally considering a private condo to take a safer option of buying a HDB flat instead.

Written by Sam Gian – Independent Real Estate Sale Consultant