Resale volumes, however, fell for the second consecutive month, slightly below the average for the past five years. (The previous figure of 0.7% price decline in October was calculated by the NUS; the official URA calculation was for a 0.3% increase)

Resale prices for private homes in the Central Core Region (CCR), representing high-end private homes, rose the most at 2.7 per cent.

Resale prices in the Other Central Region (RCR), representing mid-range private housing, and Outside Central Region (OCR), representing mass market private housing, rose by 1.8% and 0.1% respectively.

Overall resale prices rose by 10.8 per cent compared to the same period last year.

Resale prices for high-end, mid-range and mass market private homes increased by 7.8%, 12.2% and 10.8% respectively.

The downtown core still lagged significantly in terms of increases, although November's figures show that it is starting to catch up.

Resales fell for the second consecutive month, with 1,124 private residential units changing hands in November, 9.4% fewer than the 1,240 units sold in the previous month.

There are buyers for both new and resale homes, but there are really no properties available, which is the biggest difficulty in the current property transaction market.

So far there is no sign of a fall in house prices.

There is general agreement that more condominium units will be completed next year, which will put pressure on the prices of older condominiums, while continuing to drive up resale prices.

Next year's increase is expected to be in the range of 5-8%, still quite a huge increase.