Singapore's home sales soared to their highest in over a decade, as sentiment continued to be buoyed by global interest-rate cuts.

Private home sales, excluding executive condominiums, more than tripled to 2,557 transactions in November compared with a month ago, the Urban Redevelopment Authority said Monday.

New project launches and lower interest rates spurred the increase in sales last month, analysts said.

Buyers were drawn to several highly anticipated launches in November and there was a sense of fear of missing out among some, said Lee Sze Teck, Huttons Asia's senior director of data analytics.

"After missing out on their choice unit in one project, buyers were quick to commit a unit in another project launch," Lee added.

Sales were also likely driven by factors including rosier buyer sentiment, especially after the Federal Reserve's recent rate cuts, said Christine Sun, chief researcher and strategist at OrangeTee Group.

However, Sun said the recent surge in sales seems to be a temporary phenomenon rather than a sign of an overheated market.

Some buyers could have capitalized on improved mortgage conditions, Sun said. The appeal of recent interest-rate cuts for buyers may ebb next year after the U.S. presidential election last month, she added.

Policy changes proposed by the incoming Trump administration could raise inflationary risks, potentially undermining rate-cut initiatives, Sun said.