Singapore private home sales fell for the second straight month to their lowest level this year amid a lack of major new projects in the market.

Purchases of new private apartments dropped to 217 units in September, according to figures released Monday by the Urban Redevelopment Authority. That’s the lowest level since December 2022 and down 45% from August.

The renewed decline reflects a continued moderation in the city-state’s booming property market, which has so far avoided the significant slumps seen in major markets including its financial hub competitor Hong Kong. Soaring prices have prompted multiple curbs from authorities in the past few years, which is now dampening the market.

“Growth in residential prices and volumes are easing into a more measured and sustainable trend,” Morgan Stanley analysts Wilson Ng and Derek Chang wrote in a note last week. They expect home sales to grow just 15% this year, partly due to slower foreign demand.

Singapore in April doubled taxes on property purchases for foreign buyers to 60% — the highest among major markets, prompting the first drop-off in home prices in three years. Still, that was reversed in the third quarter, with valuations rising 0.5% from the previous three months, as local buyers continued to prop up the market.

Rising interest rates and an economic slowdown have deterred developers from offering more supply. There were no major residential project launches in September, and Singapore’s central bank said last week that it expects economic growth to come in at the lower half of a government forecast of 0.5%-1.5% this year.