Led by private homes in the central region, resale prices increased by 0.1 percent last month compared to the revised 0.8 percent dip in October, revealed flash estimates of the NUS Residential Price Index (SRPI) which was reported in the media.
Prices of resale units in the central region climbed by 0.3 percent, reversing a 1.1 percent drop in the previous month.
Resale prices of private homes in the Outside Central Region (OCR) declined by 0.1 percent in November, but this is less than the previous 0.5 percent drop.
Meanwhile, prices of completed small units also slipped by 0.6 percent after remaining unchanged in October.
Experts noted that the raw figures may not accurately represent the entire market as there were only 391 resale deals in November. Of these, 105 were in the central region and only seven small units were sold. As such, the public is advised to wait for the revised data.
“We should not take heed of the flash data which shows very slight changes at between -0.6 percent to +0.3 percent from November,” said Ku Swee Yong, CEO, Century 21 Singapore.
“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.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email email@example.com
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