Based on caveats lodged, we saw a -57% reduction in resale volume from 3,951 units in 2Q2018 to 1,689 units in 2Q2019. New sales volume on the other hand, fell by just -3%, with 2,215 units in 2Q2018 to 2,147 units in 2Q2019.
Government reduced private housing supply under the GLS programme for 2H2019 by 15%.
Despite that, home prices remained relatively stable, with the price index rising by just 0.5% over the last two quarters of 2018, and registered just a slight dip in the first quarter of the year. But in a surprising turn of events, home prices unexpectedly rose again in 2Q2019
As mentioned above, after two consecutive quarters of decline, private home prices rose unexpectedly in 2Q2019, during which the URA flash estimate registered a positive change of 1.3%. This brought the year-to-date change for 2019 to +0.6%.
The uptick was led by a strong growth of 3% in the Rest of Central Region (RCR) and 1.5% in the Core Central Region (CCR) prices.
