POSTED: 30 Dec 2013 13:20 | CNA

SINGAPORE

Prices of resale private homes rose marginally by 0.1 percent in November after falling by 0.8 percent in the previous month.

This is according to the flash estimate of the NUS Singapore Residential Price Index (SRPI).

The increase was led by resale homes in the central area where prices rose 0.3 percent last month, reversing a 1.1 percent decline in October.

Resale prices for private homes outside the central area fell at a slower pace at 0.1 percent in November, compared to a 0.5 percent fall in the previous month.

Meanwhile, resale prices of small units posted the sharpest drop at 0.6 percent in November.

Still, analysts said these numbers ought to be read in context that there were fewer transactions last month.

Responding to Channel NewsAsia, Century 21 Singapore said based on Monday’s data, there were just 391 resale transactions in November.

Of these, 105 were in central area and seven small units changed hands last month.

Century 21 warned that where indices are derived on small sets of data, they may not be sufficient to represent the whole market.

Century 21 Singapore CEO Ku Swee Yong said: “We should not take heed of the flash data which shows very slight changes at between -0.6% to +0.3% from November. There could be significant revisions to all of them when NUS publishes the revised numbers next month. Investors need to be careful when reading market reports, especially where indices are derived on small sets of data which may not be sufficient to represent the whole market.”

– CNA/xq

http://www.channelnewsasia.com/news/singapore/resale-private-home/937530.html