Chart of the Day: New home prices tick up as luxury home sales jump

The median price per unit rose to $1.11 million.

Buyers forked out more cash to buy new homes in Q1. The median price of new condominiums sold during the quarter rose by 11.6% to $1.11 million, boosted by an uptick in luxury home deals.

According to CBRE, the higher prices recorded for Cairnhill Nine's units was probably a key factor behind the increase. Cairnhill nine was priced at around $2,400 psf and 65% of the units sold cost less than $2 million each.

Meanwhile, the median size of new homes sold in Q! was 753 sg, slightly smaller than the 764 sf for homes sold in 2015.

"Affordable pricing was facilitated by smaller units. A gradual reduction of the unsold inventory could be expected on back of limited new launches," said CBRE.