New home sales tumble to near 15-year low in December 

The December sales fell 83% MoM to 135 units. 

New private home sales, excluding executive condominiums (ECs), dropped by 83% MoM to 135 units in December, data from the Urban Redevelopment Authority (URA) showed.

Year-on-year, sales dropped 21%.  The December tally marks the lowest sales figure since 2019.

PropNex attributed the sales drop to the “lack of new project launches and the year-end seasonal lull.”

The Rest of Central Region (RCR) led sales in December with 66 units sold, followed by Outside Central Region (OCR) with 45, and  Core Central Region (CCR) with 24 units.

Adding the December figures, the total new home sales for 2023 was 6,452, translating to a 9.1% decline from 2022.