New private home sales fall nearly 24% after July’s six-month high

new private home sales fall nearly 24 after julys six month high

Sumary of New private home sales fall nearly 24% after July’s six-month high:

  • New private home sales fell nearly 24 per cent last month after hitting a six-month high in July, as developers pared new launches and some buyers held off due to the Hungry Ghost month and Covid-19 phase two (heightened alert) restrictions.
  • But overall, new home sales remained relatively strong despite the month-on-month drop to 1,215 units last month from 1,591 in July.
  • Last month’s take-up was still above the seven-month average of 1,172 units between January and July, noted Mr Wong Xian Yang, head of research, Singapore, at Cushman &
  • Compared with last year, sales were just 3.4 per cent shy of the 1,258 units moved in August 2020. “Instead of slowing down during the typically quiet Hungry Ghost month, new private home sales have been robust during both August this year and last year,” said Mr Wong.
  • Sales volumes that exceed 1,000 units a month should be seen as robust, given that developers have sold fewer than 12,000 units annually in the past seven years, ERA Realty head of research and consultancy Nicholas Mak said.
  • “Over the past seven years, developers sold an average of 738 private housing units monthly, excluding EC units,” he noted.
  • Including executive condominiums (ECs), new home sales fell 24.3 per cent to 1,322 units last month from 1,746 in July.
  • Only 836 new homes were put on the market last month, down 24.3 per cent from 1,104 in July and a 47.2 per cent plunge from 1,582 a year ago.

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