Home price decline narrows to 0.3%

The private residential property index slipped 0.4 point.

The Urban Redevelopment Authority (URA)'s flash estimate of the price index for private residential property for 2Q17 revealed that home prices declined 0.3%, an improvement from the 0.4% dip in the previous quarter.

Overall, the private residential property index fell 0.4 point from 136.7 points in 1Q17 to 136.3 points in 2Q17.

Prices for non-landed private residential properties fell by 0.9% in Core Central Region (CCR), compared to the 0.4% fall in the previous quarter.

Prices in the Rest of Central Region (RCR) increased by 0.5%, after registering an increase of 0.3% in the previous quarter. Prices in Outside Central Region (OCR) decreased by 0.4%, after registering a 0.1% increase in the previous quarter Meanwhile, prices of landed residential properties fell by 0.4%, compared to the 1.8% decrease in the previous quarter.