Singapore HDB resale volume down 1.7% in August

There were only 2,323 units transacted during the month.

Demand for HDB resale flats in Singapore was muted in August. Data from 99.co and SRX show there were only 2,323 units sold during the month, a 1.7% decline compared to the previous month. 

Year on year, volume is 15.5 per cent lower than in July 2021. Last month's volume is also below the past 12-month average of 2,361 units (August 2021 to July 2022). 

According to OrangeTee, the slower buying sentiment may be due to a few factors: Due to the seventh lunar ghost month which started on 12th August, some buyers may have held back on their purchases during that month. Some price resistance may have set in as prices of flats are still rising and the increase can be observed across all flat types. Others may have applied for a new flat since more units are released during the August BTO launch and these flats are more affordable.  

Here’s more from OrangeTee:

We may expect prices to hold firm as demand for completed homes still outweighs supply. Although the supply of BTO flats has been ramped up, it will still take time for these flats to be completed and the supply will only enter the market a few years later after these flats reach MOP. 

With a strong employment rate and income growth, there is little impetus for sellers to drop prices now. We may expect more sellers, especially new flats in mature estates to test the million-dollar mark. Hence, we may see more million-dollar transactions in the coming months.