The pool of private home buyers is fast shrinking in the current property market. While HDB resale flat prices are on the rise, why are HDB owners not upgrading? Other countries are fighting hard to avoid slipping into recession. In contrast, the economy of Singapore still looks fine at least on the surface. Where have all the private home buyers gone? Private home sales continue to disappoint According to URA’s 1st quarter 2023 real estate statistics, the market sold a total of 4,121 private residential units in the last quarter. This is a year-on-year decline of 23 percent from 5,343 units in the same quarter last year. In those good old days in 2021, the market sold an impressive 7,925 private residential units during the festival season in the 4th quarter. 2021 3rd quarter we had the ghost month but buyers snapped up 9,083 new private homes anyway. Those were...