SINGAPORE, Nov. 8 (Xinhua) -- Resale prices for Singapore's non-landed private homes dropped 0.7 percent in October compared with the previous month, according to estimates released by Singapore Real Estate Exchange (SRX Property) on Tuesday.
In individual sectors, SRX Property said resale prices in downtown and suburban area post a decrease of 0.8 percent and 2.0 percent in October month-on-month respectively. On the contrary, resale prices for city fringe increased 1.5 percent in October.
On a year-on-year basis, resale prices in October decreased by 1.1 percent compared with that in October 2015. Compared with the recent peak in January 2014, resale prices in October were down by 8.5 percent.
As for resale volume, an estimated 586 non-landed private residential units were resold in October, a 15.2 percent decline compared with 691 units resold in the previous month.
While compared year-on-year, resale volume in October was 15.4 percent higher than the 508 units resold in the same period last year, said SRX Property. Resale volume was down by 71.4 percent compared to its peak of 2,050 units resold in April 2010.
Overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value, remained at -10,000 Singapore dollars (-7,194 U.S. dollars) in October, unchanged from the previous month.
Private homes are those developed by private developers. About 80 percent of the resident households in Singapore live in public housing units built and sold by the government. The private homes are typically more expensive than public housing units.
