Singapore's private home sales plunged to a 16-year low in August, with developers selling only 208 units, a 47% decrease from the previous year and a 64% drop from July's figures. This decline is attributed to high prices, rising interest rates, and the traditional slowdown during the Hungry Ghost month, leading to a total of just 2,668 units sold in the first eight months of 2024. Analysts predict that the year could end with the lowest sales since the global financial crisis, with forecasts suggesting total sales will fall below last year's 6,421 units. Despite the challenges, there is optimism that upcoming launches and potential interest rate cuts could boost market activity. Developers remain cautious, with over half anticipating more unit releases in the latter half of the year, although current sentiment remains subdued. The resale market continues to show some activity, indicating an overall complex landscape for Singapore's real estate sector.