How has the transaction volume in the HDB resale market changed year-on-year?

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HDB Resale Transaction Volume Decreased Year-on-Year

The transaction volume in the HDB resale market has seen a year-on-year decline, reflecting a general slowdown in activity. As of June 29, resale volume fell by 10.2 per cent, with 6,268 transactions recorded compared to 6,981 in the same period last year.
Slower Resale Market Activity

The HDB resale market has been described as sluggish, with buyers exhibiting caution in their pricing due to uncertainties in the employment market. This cautious approach has led many potential buyers to focus on Build-To-Order (BTO) flats, particularly those in prime locations. The overall trend indicates a general slowdown, with transaction volumes being lower compared to the previous year.
Impact of Economic Uncertainties

A weaker hiring outlook and structural layoffs may be instilling greater prudence among homebuyers. Changes in the job market can significantly impact a buyer's financial confidence and their capacity to secure mortgage loans, leading to a more conservative approach to property purchases. This, in turn, contributes to the observed dip in resale prices, which has occurred at a slightly faster pace in the second quarter.
Specific Town Declines and Extended Selling Times

The price decline in the HDB resale market was not uniform across all towns. Of the 16 towns that recorded quarterly price decreases, Serangoon experienced the largest drop at 7.9 per cent, followed by Marine Parade at 7.6 per cent and Geylang at 6.9 per cent. This broader market trend has also resulted in fewer enquiries and longer selling times, with resale flats now taking an average of two to three months to sell.

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How has the transaction volume in the HDB resale market changed year-on-year?

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