Singapore home prices rose at a slower pace in the second quarter, recording a 0.5% gain versus the 0.9% increase witnessed during the first three months of the year, according to preliminary data published by the Urban Redevelopment Authority Wednesday.

The pace of increase was also slower than the 1% rise in the same quarter last year, but came ahead of the Trading Economics forecast of a 0.4% rise.

The government agency warned that the macroeconomic outlook remained "highly uncertain."