Singapore’s new home sales fell in March, adding to early signs that the booming residential market is losing steam.

Developers sold 729 private units last month, according to data released by the Urban Redevelopment Authority on Tuesday. That compares with almost 1,600 in February and is slightly higher than the amount sold a year earlier.

Buyers have flocked to suburban developments in recent months, buoyed by falling borrowing costs and a desire to flip new condominiums for profits. The euphoria may soon subside as buyers and developers grow concerned that Donald Trump’s sweeping tariffs will trigger an economic slowdown.

Before the trade tensions escalated this month, some analysts had also raised the prospect that Singapore authorities may impose measures to calm the property market. The government is seeking to address voter concerns about housing affordability before elections that could be held as soon as May.

The market is already seeing slightly weaker demand for new launches than those in the first quarter, which is likely due to “macro uncertainty and the trade war,” said Bloomberg Intelligence real estate analyst Ken Foong. Developers are likely to still push ahead with project releases, although they might stagger them, he said.

Responses to new projects in April have been muted so far. Two major developments put on sale last weekend sold fewer than half of their units available.

There are other signs of cooling. Private home prices rose just 0.6% in the first quarter from the previous three months, according to initial estimates. Developers continue to struggle to sell luxury projects in the city center, which has traditionally been shunned by local buyers, after a stamp duty on most foreigner purchases was doubled to 60% in 2023.

In March, the bulk of transactions were driven by a suburban project in the country’s northern Lentor area, which sold more than 90% of its 477 units available.

But at Aurea, a project in the central region, just over 20 units or only about a 10th of the residential units the project will boast were sold in the month.