HDB resale prices fall again in Nov to 40-month low
HOUSING Board resale prices fell 0.8 per cent last month, and the number of transactions slipped after having risen in the previous two months, according to flash figures from the Singapore Real Estate Exchange (SRX) yesterday.
Prices fell across all flat types, dipping 0.8 per cent, 1.2 per cent, 0.2 per cent and 2.2 per cent for three-, four-, five-room and executive flats respectively.
There were 1,350 resale flats sold last month, down 13.1 per cent from the 1,553 transactions in October. However, this was still 11.4 per cent more than the 1,212 units sold in November last year.
Resale prices are at a 40-month low since August 2011. They have fallen 9.8 per cent since their peak in April last year.
The latest figures also show that an apparent price rise last month was not actually the case. In the initial figures for October, the SRX HDB price index edged up 0.1 per cent after eight consecutive months of decline.
But in the updated figures yesterday, the resale index was shown to have actually fallen 0.1 per cent in October. This means that last month's 0.8 per cent fall is the 10th in a row.
Last month's resale-market slump also meant that resale buyers were once more paying less than SRX's estimated market value for their flats.
In October, for the first time in 19 months, resale buyers were paying a median sum of $1,000 more than SRX's estimated market value or X-Value. But last month, buyers were paying a median of $3,000 under X-Value instead.