This represents the 11th straight quarter of prices drops, the longest losing streak on record.
The Core Central Region (CCR) and Rest of Central Region (RCR) found non-landed private home costs increase by 0.2 percent and 0.3 percent respectively, while the Outside Central Region (OCR) filed a 0.7 percent fall in prices.
The latest indexes are combined across the different areas, but there are indications the market is approaching a trough said Head of CBRE Research, Desmond Sim, Singapore and South East Asia.
He anticipates the increase and prop up the total price index for the next quarter to hover at the area of zero percentage”.
Meanwhile, the success of new projects including Gem Residences By Gem Homes and Sturdee Residences By SL, along with finished projects on the resale marketplace, have helped to raise price levels in the RCR. Foreseeing that the next upcoming projects like Treasure Crest, Northwave and The Clement Canopy will be another factors in the up and down of price indexes.
The URA’s flash approximations were compiled based on trade costs given in contracts submitted for information and stamp duty payment on new units sold by developers up till mid-June.
The URA will release the data that is complete four weeks after.