Monday, July 16, 2012

Private home sales hit new low

New home sales for the month of June hit an all-time low in 2012.

1,371 private homes were sold during the month, a 19 percent decline month-on-month (m/m) from the 1,702 seen in May.

Including executive condominiums (ECs), home sales fell 16 percent m/m and reached 1,725.

“It is not surprising to see the decline in private housing transactions last month due to the lowest new project launches in June. This had left home buyers with lesser choices,” said Mohamed Ismail, CEO of PropNex.

However, the total sales volume was 24 percent up from the same period in 2011.

In the first six months of 2012, developers sold a whopping 14,689 private homes (including ECs) – well exceeding the 9,446 racked up at the same time last year, according to PropNex.

View the original article here

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