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Singapore's private home prices fell for the first time in five quarters amid depressed sales, preliminary market data showed on Tuesday.

The data released by the Urban Redevelopment Authority showed that its private home price index fell 1.1% last quarter as compared to the previous three months.

The fall reversed gains from the second quarter and represented the index's first drop since the second quarter of 2023. In total, prices were up only 1.1% in the first three quarters of 2024 compared with a 3.9% gain over the same period the prior year.

Sales transaction volume also fell by about 11% in the third quarter from the previous three months. For the first three quarters of 2024, sales transactions were down 8.1% from a year ago.

"While macroeconomic conditions remain sound, the economic outlook is subject to uncertainties, and market sentiments continue to be sensitive to geopolitical developments and global interest rate changes," the authority said.

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