SINGAPORE - Prices of Housing Board resale flats edged up 0.3 per cent in July, even as more units changed hands, a sign that home prices are rising at a slower pace.as buyers’ price resistance appeared to set in, flash data released by real estate portals 99.co and SRX on Thursday showed.
“HDB resale prices have reached record highs in many locations, and some buyers may be priced out. So there is now limited upside potential for prices to trend significantly higher,” said Ms Sun. A report by PropertyGuru released on Monday noted that sellers’ asking prices for HDB resale flats slowed in the second quarter of 2023 to 0.6 per cent, down from 1.6 per cent in the first quarter of the year.
Huttons Asia chief executive Mark Yip said it could be an indication of an increased proportion of buyers being priced out of flats in the mature estates. These buyers could then turn to flats in the non-mature estates, thus propping up demand, he said. Analysts said the rebound in transaction activity is not surprising as it comes after the June school holidays and coincides with the rush to close deals before the Hungry Ghost month that runs from Aug 16 to Sept 14. Some consider it inauspicious to make big-ticket purchases during this period.during the Hungry Ghost Festival could buck the trend this year as the upcoming August BTO sales exercise has now been pushed back to end-September or early October.
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