Private non-landed prices at 16-month low

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http://www.businesstimes.com.sg/premium/singapore/private-non-landed-prices-16-month-low-20140513

In an indication that sellers are becoming more realistic about reduced demand, resale prices of non-landed private homes slipped 1.7 per cent in April, touching a 16-month low since December 2012.

This was despite the increase in volumes of resale transactions, which at 476 was 24.6 per cent higher than March's level, flash estimates by the Singapore Real Estate Exchange (SRX) showed. This also suggested that buyers are moving back into the resale market as prices stabilise, said market observers.

"It was the highest resale volume since October 2013, which means buyers and sellers are getting used to the market with all the measures in place," said ERA Realty key executive officer Eugene Lim.

Prices in the Rest of Central Region (RCR) led the decline with a 3.6 per cent drop, while those in the Core Central region (CCR) fell 2.3 per cent. Prices Outside Central Region (OCR) crept up 0.4 per cent.