Chart of the Day: Check out how much 2013 home sales dropped versus 2012

It's predicted to crash 30-35%.

According to CIMB, the low take-up in Dec appears seasonal and they expect launches to pick up in 2014.

At this run rate, CIMB expects total sales volume to decline by 30-35%% yoy to 10k-11k units.

Here's more from CIMB:

We think a decline is largely expected by the market. However, inventory levels for most developers remain low.

Developers have been testing the market with lower prices, smaller units and accepting lower margins. This trend should continue as supply completions begin to escalate in 2014.

We continue to expect a 10-15% decline in property prices in 2014-15 and this is starting to show through in the URA flash data and market resale prices.

One upside from lower volume and prices is the potential for the government to
remove some of its property curbs currently in place.

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