Meanwhile, private home prices rose 3.4 per cent in the third quarter, compared with 3.5 per cent in the previous quarter.
Prices in the Outside Central Region (OCR) rose the most – by 7 per cent compared with the 2.1 per cent increase in the previous quarter, URA data showed.
Analysts attributed the steep increase to rising median prices of new non-landed homes.
“There were 3 major launches in 3Q 2022 – AMO Residence, Lentor Modern and Sky Eden@Bedok which are all in the OCR,” said Mr Lee.
“AMO Residence was a near sell-out in July, achieving an average price of S$2,113 per square foot. Sky Eden@Bedok sold 75 per cent at an average of S$2,100 per square foot on launch day. These two projects probably played a part in the steep rise in OCR prices.”
Ms Sun added that the higher median prices together with a high volume of such transactions led to a significant increase in the overall index for OCR.
The median prices of new non-landed homes last quarter rose by 18 per cent from S$1,774 per square foot in Q2 2022 to a record S$2,093 per square foot in Q3 2022, she pointed out.
“Last quarter also saw more non-landed new sales in OCR, which jumped from 471 units in Q2 2022 to 1,238 units in Q3 2022. Therefore, the higher median prices coupled with a high volume of such transactions led to a significant increase in the overall index for OCR.”
Prices in the Core Central Region (CCR) rose by 2.3 per cent up from the 1.9 per cent increase in the previous quarter. Meanwhile, those in the Rest of Central Region (RCR) rose at a slower pace of 2.5 per cent compared with the 6.4 per cent in the previous quarter.
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment, and data on units sold by developers up till mid-September.
URA will release its full set of updated real estate statistics for the third quarter of 2022 later this month.
In an update on upcoming sales launches, HDB said it will offer in November about 9,500 BTO flats in areas such as Bukit Batok, Kallang, Whampoa, Queenstown, Tengah and Yishun.
In February 2023, about 2,900 to 3,900 BTO flats in areas such as Kallang Whampoa, Queenstown and Tengah will be made available.
“This number is subject to review as more project details will be firmed up closer to the launch date,” it added.
HDB also said it will launch up to 23,000 new flats in 2023 and is prepared to launch up to 100,000 flats in total from 2021 to 2025 if needed.
“HDB will continue to monitor the housing demand and adjust the plans where necessary.”