HDB flat resale volumes tumbled still further last month, following the already record low number of flats resold in Apr, and dropping to levels not seen in the last 30 years, SRX figures showed on Thurs. Just 364 flats changed hands in May, a 13.9 per cent decrease from the 423 resold in Apr. Both figures logged during the circuit breaker months were lower than the previous record low of 778 flats resold in May 1990. The resale market fared worse than it had in previous disease outbreaks too. In May 2003, the corresponding month during Sars outbreak, resale volume still managed to reach 2,272 flats. Prices, however, held steady in May, even increasing 0.1 per cent compared to Apr. People on average paid about $3,000 more than the flats’ estimated value last month. Analysts said this shows that there was no panic selling of flats, with sellers maintaining their asking prices despite what appears to be free-falling demand. OrangeTee & Tie head of research & consultancy Christine Sun said the drop in transaction volume was only “natural” since physical house viewings could not be conducted during the circuit breaker period.... Continue Reading