Housing and Development Board (HDB) resale flat prices and transaction volumes were little changed last month from April, the latest flash estimates by SRX Property showed yesterday in what analysts said might be signs that the market is stabilising.
HDB resale prices were flat in May compared to the previous month, but down 5 per cent from the same month a year ago, the SRX data showed.
Last month, 1,575 resale flats changed hands, a slight 2.2 per cent dip from April, but a 19.3 per cent surge from May a year earlier.
Property analysts said prices may have hit rock-bottom after two years of declines.
The SRX report showed that prices of four-room flats registered the biggest decline of 0.9 per cent in May from a month earlier. This was followed by a 0.2 per cent slip in three-room flat prices. On the other hand, five-room and executive flats posted price increases of 0.7 per cent and 1.3 per cent, respectively.
Analysts expect overall HDB resale prices to hover around current levels in the coming months, as the upside potential remains limited by property and loan curbs such as the 30 per cent Mortgage Servicing Ratio cap and the three-year waiting period before new permanent residents are allowed to purchase flats.