Resale prices of condominiums and private apartments slipped for a second straight month in August, after edging up from March to June, according to flash estimates from SRX Property on Tuesday (Sept 13).
Prices declined 0.8 per cent in August compared to July, SRX said. It also revised the month-on-month price decline in July to 0.7 per cent from 0.4 per cent.
Prices in the city fringe and suburban areas recorded dips of 1.5 per cent, 0.7 per cent respectively, while homes in the prime districts eked out a 0.1 per cent gain.
Year-on-year, resale prices last month were 0.8 per cent lower than in August 2015. They are down by 7.8 per cent from their last peak in January 2014.
SRX Property's data also show that 5.3 per cent more resale units were sold in August compared to July – 817 from 776.
But this came as sellers were willing to go farther below the estimated market value of their property to make the sale.
SRX's median TOX – which measures whether buyers are overpaying or underpaying its computer-generated market value – came in at negative S$11,000 in August, S$1,000 more than the negative S$10,000 in July.
Written by Ann Williams for The Straits Times