In a surprise news, HDB resale volume reduced by 24% in Oct 2022 !
According to sources, the number of HDB resale flat transactions has dropped by 24% as 1,965 HDB resale flats were completed in Oct 2022.
The decline in volume is uniform across the board for almost all room types, ranging from 22.8% to 26.0%.
And also after more than 28 months of price growth in the HDB resale market, prices of HDB resale flats only increased by 0.5%.
This 24% drop is the steepest monthly decrease since April 2020, when sales dropped as much as 78% from 1,949 units in March 2020 to 423 units in April 2020 during the Circuit Breaker period.
HDB resale volume reduced by 24% in Oct 2022 : Lower demand for bigger flats
In terms of room types, 4-room HDB resale flats saw the highest price increase at 0.7%, followed by 3-room HDB resale flats at 0.4%.
5-room HDB resale flat prices remained unchanged. On the other hand, prices of executive flats dropped by 1.0%.
Given the price change for the bigger flats, demand for bigger flats may continue to experience a temporary pullback since some private homeowners may be put off by the long waiting period and no longer wish to buy a resale flat.
HDB resale volume reduced by 24% in Oct 2022 : Was this due to the cooling measures
Was this drop due to the three Cooling Measures on 30th Sep 2022 ?
Nope as the typical HDB completion timeline is 8 weeks and will not reflect in Oct 2022 figures ? We will see the actual impact in Nov figures and Dec and then early 2023.
