Home sales in the secondary market rebounded last week after flat owners cut prices to entice buyers amid weakening market sentiment.
A total of 303 homes changed hands during the week from Monday to Sunday in the 50 housing estates monitored by estate agency Ricacorp Properties.
This represented a 12 per cent increase from deals done in the previous week. The trend was confirmed in data compiled by Midland Realty that showed 135 home sales were completed in the 35 housing estates it monitored - up 31 per cent over the previous week.
Secondary market sales had declined in the final week of last month and the first week of this month because of the gap between asking and offer prices, said Ricacorp head of research Patrick Chow Moon-kit.
Now sellers were willing to cut prices as buyers turned cautious because of fears of a possible change in housing policy.
However, despite the jump in last week's sales, activity remained weaker when compared with sales levels of the past two months.