URA's private home price index up 0.8% in Q2

PHOTO: URA's private home price index up 0.8% in Q2

Singapore's Urban Redevelopment Authority's price index for private homes rose 1.7 points to 214.9 points in the second quarter 2013 over the preceding quarter, according to its flash estimates released on Monday.

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Here is the press release from URA:

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 2nd Quarter 2013 today.

Overall, the private residential property index rose 1.7 points from 213.2 points in 1st Quarter 2013 to 214.9 points in 2nd Quarter 2013. This represents a moderate increase of 0.8 per cent, compared to 0.6 per cent in the previous quarter.

Prices of non-landed private residential properties in Core Central Region declined by 0.2 per cent in 2nd Quarter 2013, compared to the 0.6 per cent increase in the previous quarter.

Prices in Rest of Central Region saw the same 0.2 per cent rate of increase as the previous quarter. For Outside Central Region, prices increased by 3.0 per cent in 2nd Quarter 2013, compared to 1.4 per cent in the previous quarter.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter, supplemented by information on new units sold by developers in the first two months of the quarter.

The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 2nd Quarter 2013, which captures more data on the caveats lodged and the take-up of new projects.

Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small.

The public is advised to interpret the flash estimates with caution.