Singapore Home Sales Fell in June to Lowest Level in Four Months

  • Developers sold 536 units last month versus 1,058 in May
  • Government has said it is reluctant to ease curbs just yet

Singapore developers sold the fewest new homes in four months in June as a lull in new launches crimped sales.

Developers sold 536 units last month, down from a revised 1,058 in May, according to data released Friday by the Urban Redevelopment Authority. That’s the lowest since February, when 303 units were sold.

Singapore home prices dropped for an 11th quarter, posting the longest losing streak on record, as the government holds steadfast on cooling measures it has rolled out since 2009. An index tracking private residential prices fell 0.4 percent in the three months ended June 30 from the previous quarter, capping the longest series of quarterly losses since 1975 when prices were first published, according to preliminary data from the Urban Redevelopment Authority on July 1.

The government has signaled it is reluctant to lift property tightening measures it brought in over the last seven years as it wants to avoid overheating in the market again. It is too early to relax the curbs, as doing so could result in a market rebound, National Development Minister Lawrence Wong said in a written reply to parliament on Feb. 29. Finance Minister Heng Swee Keat reiterated that view in his budget speech on March 24, saying it was “premature” to relax the restraints.

Home values have dropped 9.4 percent from the peak in 2013.

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