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Resale prices of private homes dip 0.3% in February: Property index

Prices dropped 1.6 per cent on a year-on-year basis, according to flash estimates by SRX Property.

SINGAPORE: Prices of non-landed private homes sold on the resale market dipped 0.3 per cent in February compared with the previous month, amid a fall in the number of units sold, according to a local property index.

Resale prices remained constant in the Core Central Region, while the Rest of Central Region rose slightly to 0.1 per cent. The Outside Central Region dropped 0.8 per cent, according to flash estimates from SRX Property on Tuesday (Mar 8).

Overall, prices were down 1.6 per cent from a year ago.

The resale volume of non-landed private residential units fell 10.8 per cent from the previous month, with an estimated 356 units resold in February, SRX Property said. On a year-on-year basis, resale volume was up 3.8 per cent.

MEDIAN TOX INCREASES

The median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, went up in February to -S$7,000.

For districts with more than 10 resale transactions, District 27 (Yishun, Sembawang) posted the highest median TOX of S$10,000. The lowest median TOX was in District 16 (Bedok, East Coast), with -S$37,000.