Expect volume to pick up in new home sales soon

ATA from the Urban Redevelopment Authority (URA) shows private property prices in the first quarter of 2022 rose 0.7 per cent from the previous quarter. 

Post property cooling measures that kicked in on Dec 16, 2021, home prices appear to be resilient, but the volume of new home sales has plummeted.

Month-on-month, new private home sales rose in March, but the figures for March and the first quarter are down by close to 50 per cent compared to a year ago.  For Q1 2022, the number of private homes excluding executive condominiums sold by developers fell by 40 per cent from the previous quarter to 1,825 units.