Singapore, 03 Oct 2022 HOUSING Board (HDB) resale prices rose 2.4 per cent in the third quarter of 2022, making it the 10th straight month of quarterly growth, according to HDB flash estimates released on Monday (Oct 3).
However, the growth in the resale price index (RPI), which stands at 167.8 for the quarter, has slowed slightly compared with the 2.8 per cent growth recorded in Q2 2022. It remains lower than the 2.9 per cent quarter-on-quarter growth posted in Q3 2021.
Year on year, resale prices are up 11.4 per cent. Meanwhile, overall prices have climbed by 7.8 per cent in the first nine months of 2022.
OrangeTee & Tie senior vice-president of research and analytics Christine Sun said the slower price growth indicates that the housing sector has already started to feel the effects of rising interest rates and inflation.
“Price resistance may have set in as the cash-over-valuation (COV) seems to have declined in recent months,” she added.