Singapore’s new private home sales declined to the lowest level in six months in June, just before authorities introduced new measures to tame prices.

Developers sold 272 units last month, data from the Urban Redevelopment Authority showed on Tuesday. That’s lower than the 312 homes sold in May, but higher than the sales reported in June 2024.

A home-buying frenzy in the Asian financial hub in late 2024 pushed up prices, further hitting affordability in one of the world’s most expensive property markets. Singapore has sought to tackle surging prices in recent years, prompting authorities to implement multiple cooling measures.

Earlier in July, Singapore hiked a tax on sellers of private homes and extended it to those that sell them within four years from three, moves aimed at curbing a trend of people flipping properties for a quick profit.

Developers have slated a large number of project launches for July and August, as activity heats up after June, traditionally a slow month for home purchases, due to a month-long school break. The first mass market home launch since the curbs came in, saw nearly all the units offered by CapitaLand Development being taken up last weekend, more than the whole of June.

Buyers are undeterred by the measures, although a “deluge of launches” in the second half means that the average initial take-up for most of them is expected to come in at a much lower 30%-50%, Citigroup Inc. analyst Brandon Lee said in a report on Monday.