Still going under: HDB resale prices hit 29-month low in July

Resale volume dipped 10.2%.

Residential property prices continued their downward slide in July, as the overall HDB resale prices slipped 0.9% in July compared to June. The price drop was most evident in 3, 4, and 5-room flats which saw a decline of 1.0%, 1.8%, and 0.4% respectively.

According to the Singapore Real Estate Exchange, the SRX HDB Price Index shows that July prices marked a 29-month low since Feb 2012.

Compared to the peak in Apr 2013, prices have declined by 7.8%. Year-on-year, prices also dropped by 6.7% from July 2013. Since the beginning of this year, prices have declined 4.0%.

Meanwhile, resale volume picked up slightly month on month. . According to HDB resale data compiled by SRX, 1,341 HDB flats were sold in July's resale market, a 2% increase from June’s 1,315 transacted units.

But on a year-on-year basis, July's resale volume is 10.2% down compared with 1,494 units resold in the same month of last year. Comparing to the peak where 3,649 units were resold in May 2010, the volume is down by 63.2%.