HDB resale transactions drop to the lowest in 30 years in May

    • As per the latest data revealed by real estate portal SRX, Housing and Development Board (HDB) flat resale counts dropped to the lowest in 30 years in May which followed already record low count in April 2020.
    • 364 flats were moved in May 2020 compared to 423 flats sold in April, a drop in resale transaction volume by 13.9%. These figures are lower than the earlier record low of 778 resale flats transacted in May 1990.
    • The drop in the resale volume was even worse than the volumes transacted in previous disease outbreaks as well. In May 2003, 2,272 flats were resold during the severe acute respiratory syndrome (SARS) outbreak.
    • While resale volumes dropped, prices still remained steady and rose by 0.1% in May compared to April. The flats were resold at a price of S$3,000 more than the flats’ estimated value in May.
    • This shows that the flats weren’t sold in stress and sellers are maintaining their asking prices as per the analysts.
    • The median prices for almost all flat types increased in May compared to median prices for flats in April. Also, two HDB flats were sold at a price S$1 million higher in May.
  • Analysts expect that the worst days on the market are over as the circuit-breakers are being gradually revoked.

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