In 2019, the private housing market ended in an oxymoron fashion, with prices inching north and transaction volume heading south. Private home prices rose by a modest 2.7% while it’s transaction volume was down by 13.5% to 19,150 units sold. This decline in sales volume was driven primarily by a 31% decline in resales transactions as buyers are increasing been drawn to new launches. New launch sales by developers rose 12.7% to 9,912 units. CBRE’s head of research expects the demand for new launches to continue into 2020.
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