Singapore home sales slump to 14-year low on supply crunch

Singapore home sales tumbled for a third straight month.

Purchases of new privately owned apartments fell to 170 units in December, from 259 the previous month, Urban Redevelopment Authority figures showed Monday. That’s the lowest since January 2009, when 108 homes were sold after the global financial crisis affected buyer sentiment.

The holiday period also contributed to slower activity across the housing market as many decision-makers were on vacation, he added. That’s in contrast with housing markets elsewhere, from Canada to Sweden, that have been hurt by interest-rate hikes. US home prices are expected to decline this year for the first time in more than a decade.

About 33,600 private units and so-called executive condominiums, which are government-subsidized private apartments for Singaporeans, are slated for completion by the end of next year, which will help meet owner-occupier and rental demand, according to local authorities.

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