Resale prices of Singapore's non-landed private homes down 0.3 pct in February

Resale prices of Singapore's non-landed private homes fell 0.3 percent in February compared with the previous month, according to a flash estimates released by Singapore Real Estate Exchange (SRX Property) on Tuesday.

Resale prices remained constant in downtown area, while prices of city fringe edged up slightly to 0.1 percent month-on-month. Resale prices of suburban area dropped 0.8 percent, according to the flash estimates.

On a year-on-year basis, resale prices were down 1.6 percent. Prices in February was a 7.4 percent decline compared with the recent peak in January 2014.

SRX Property said resale volume of non-landed private residential units decreased 10.8 percent compared with that of the previous month, with an estimated 356 units resold in February.

While on a year-on-year basis, resale volume was up 3.8 percent. When compared to its peak of 2,050 units resold in April 2010, the volume last month was down by 82.6 percent.

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property's estimated market value, increased to -7,000 Singapore dollars(-5,063.8 U.S. dollars), said SRX Property.

Private homes are those developed by private developers. About 80 percent of the resident households in Singapore live in public housing units built and sold by the government. The private homes are typically more expensive than public housing units. Endit