Resale prices for Singapore's non-landed private residential flats edged up 0.4 percent in December month-on-month, according to estimates released by Singapore Real Estate Exchange (SRX Property) on Tuesday.

According to SRX Property, resale prices of non-landed private homes inched up 0.1 percent for the full year of 2016, led by resale prices in downtown area.

As for December, resale prices for private homes in downtown area remained unchanged, resale prices in suburban area increased 1.2 percent month-on-month while resale prices in the city fringe dropped 0.5 percent.

On a year-on-year basis, resale prices increased by 0.1 percent in December. For individual sectors, resale prices in downtown area posted an increase of 1.8 percent in December, while resale prices in city fringe and suburban area decreased 0.9 percent and 0.4 percent respectively. Compared with the recent peak in January 2014, resale prices in December were down by 7.8 percent.

On resale volume, an estimated 484 non-landed private residential units were resold in December, with a 21.7 percent decrease compared to the 618 units resold in November.

SRX Property said resale volume in December was 6.8 percent higher year-on-year compared to 453 units resold in December 2015. Compared to its peak of 2,050 units resold in April 2010, resale volume was down by 76.3 percent.

Overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value, decreased from -3,000 Singapore dollars(-2,093 U.S. dollars) in November to -5,000 Singapore dollars (-3,488 U.S. dollars) in December.

Private homes are those developed by private developers. About 80 percent of the resident households in Singapore live in public housing units built and sold by the government. The private homes are typically more expensive than public housing units.