A little bit of cheer to end off the third quarter – private resale home prices have climbed 0.1% last month. This is despite the lower sales volume, likely to be an effect of the Hungry Ghost month.
Steady recovery of private non-landed resale home market
The real estate market has been picking up over the last 4 quarters. Though the new private homes and en bloc market has been outperforming the resale market, the latter has perhaps benefited from the downstream effect.
Resale prices in September were 4.3% higher than the year before. The increase from August was 0.9% with prices rising over all regions. In the city fringe, prices rose 7% while in the prime districts and suburbs, prices climbed 4.6% and 2.3% respectively. Overall resale prices have risen 2.3% from last year.
September’s sales volume fluctuates but positive
The 1,162 transactions registered in September was lower than the 1,304 sold in August. It is still however 64.8% higher than the 705 from last September. A promising sign in terms of market recovery, gradual but directed.
The median transaction over X-value (TOX) has also climbed to $5,000 from August’s $0. In district 3 where Alexandra and Commonwealth are situated, the highest median TOX came up to $38,000. The largest negative TOX of $104,000 was recorded in district 4 where HarbourFront and Telok Blangah stands.