Private home sales dropped 23% to 8,353 units

And that's just in 5MTD.

According to DBS, the latest move would to impact more on volume demand, especially for those buyers who have a more highly leveraged balance sheet and push buyers to look at smaller units to lower financing capacity to meet the revised TDSR.

Their current projection is for a 20% drop in volume demand this year with prices remaining relatively unchanged at -5% yoy.

Here's more from DBS:

Based on URA statistics, 5MTD monthly primary private home sales ex-ECs have dipped 23% yoy to 8353 units. This is in line with our estimates and we maintain our current projections.

Meanwhile, a look at primary transactions also showed that buyers have been moving towards small units to offset price increases.

Average unit sizes have shrunk 16% since 2010 to an average of 961sf/unit in 5M13 while price psf have continued to trickle up marginally.

We believe this trend towards smaller unit sizes would continue, particularly after this move by MAS.

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