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HDB resale prices climbed to their highest reading on record in 3Q2025, then fell by 0.1% q-o-q in 1Q2026 and 0.3% q-o-q in 2Q2026 — the first back-to-back quarterly decline since 2Q2019 (Housing & Development Board, 2026).
Key takeaways
- HDB resale prices peaked at the Resale Price Index's highest reading on record in 3Q2025, then fell 0.1% q-o-q in 1Q2026 and 0.3% q-o-q in 2Q2026 — the first two consecutive quarterly declines since 2Q2019 (Housing & Development Board, 2026).
- The top end kept setting records: a record 1,593 resale flats transacted for at least $1 million in 2025, and at least 1,002 more crossed that line between Jan 1 and July 16, 2026 (PropNex, 2026).
- The downturn is uneven — prices for two-room and executive flats rose in 2Q2026 even as the overall index fell (Housing & Development Board, 2026).
- HDB is counselling caution: the macroeconomic outlook has become more uncertain, and households should exercise prudence when purchasing property and taking out mortgage loans (Housing & Development Board, 2026).
The peak and the turn
HDB resale prices climbed to their highest reading on record in 3Q2025 (Housing & Development Board, 2026). Then the index fell 0.1% quarter on quarter in 1Q2026 — the first decline since Q2 2019 (Housing & Development Board, 2026). By 2Q2026, the turn was official: the RPI slipped 0.3% q-o-q and recorded two consecutive quarterly declines for the first time since 2Q2019 (Housing & Development Board, 2026). The index was essentially unchanged from a year earlier, the first time since end-2019 that it has stayed flat on a year-on-year basis (Housing & Development Board, 2026).
PropNex Realty's Wong Siew Ying reads the two-quarter slide as a transition, not a crash: "The second quarter of 2026 further reflects the HDB resale market's gradual transition from strong price appreciation to price stability" (PropNex Realty, 2026).
The numbers: from peak to plateau
The details show a shallow correction.
- The HDB resale index now sits about 0.4% below its 3Q2025 peak, which remains the highest reading on record (Housing & Development Board, 2026).
- Islandwide HDB prices averaged S$652 psf in 2026-Q2 — exactly matching the S$652 psf peak, yet still 57.5% above the S$414 psf trough (PropAce Institutional Advisorydata).
- Annual price growth has slowed sharply, from 10.4% in 2022 to 2.9% in 2025 (Housing & Development Board, 2026).
- Resale volumes: 6,285 flats changed hands in Q1 2026, up 19.6% from the previous quarter but down 4.6% year on year (Housing & Development Board, 2026). In 2Q2026, total resale transactions were nearly 10% lower than a year ago (Housing & Development Board, 2026).
- Approved applications to rent out HDB flats inched down 0.2% q-o-q to 9,535 (Housing & Development Board, 2026).
The overall dip also masks a diverging market by flat type. In 2Q2026, the median price of two-room flats rose 1.6% q-o-q and executive flats rose 2.1% (Housing & Development Board, 2026).
Million-dollar flats are still setting records
Here is the contradiction at the heart of this market: prices are falling, yet the million-dollar club keeps growing.
A record 1,593 resale flats transacted for at least $1 million in all of 2025 (PropNex, 2026). Between Jan 1 and July 16, 2026, at least 1,002 had already done so, putting the market on track to meet or beat the record (PropNex, 2026).
In February 2026, a unit at one development, Natura Loft, matched a record $1.25 million resale price — $130,000 above the earlier peak of $1.12 million (Housing & Development Board, 2026). The caveat: public data does not identify sales between related parties at below-market rates, so this reading is best taken as part of a broader pattern rather than on its own (Housing & Development Board, 2026).
PropNex asked its salespersons who closed these deals in 2025 to share buyer profiles across 110 transactions (PropNex, 2026). Chief executive Kelvin Fong calls the base "a modest base that we hope to build on and sharpen over time," and cautions that the findings should not be overstated (PropNex, 2026).
Why the market turned: BTO supply, the MOP wave, macro jitters
Three forces are behind the turn, analysts say.
First, supply. The consistent ramp-up in Build-To-Order (BTO) flat supply over the past few years, coupled with more resale flats reaching their minimum occupation period (MOP), has pushed resale price growth to a more moderate pace, says Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group (Realion (OrangeTee & ETC) Group, 2026). More than 13,000 flats are expected to reach their five-year MOP in 2026 (Huttons Asia, 2026).
HDB has kept the BTO pipeline full. In June, it launched about 6,900 BTO flats in Ang Mo Kio, Bishan, Bukit Merah, Sembawang and Woodlands (Housing & Development Board, 2026). Buyers are noticing: the overall application rate for the June BTO launch was 3.4, slightly lower than the 3.7 in the October 2025 exercise and below the four-year average of 3.9 (Realion (OrangeTee & ETC) Group, 2026). "This implies that competition for flats has eased and the ramp-up in BTO supply is meeting current housing demand," says Sun (Realion (OrangeTee & ETC) Group, 2026).
Second, the mood. "Deals are taking longer to close in recent months, as buyers had more housing options and sentiment has slowed in view of the uncertain macroeconomic conditions," Sun notes (Realion (OrangeTee & ETC) Group, 2026).
Third, the guidance from the regulator itself: "The macroeconomic outlook has become more uncertain. Households should continue to exercise prudence when purchasing property and taking out mortgage loans," HDB said (Housing & Development Board, 2026).
Sun expects price growth to remain subdued in the second half of the year, "hampered by macroeconomic uncertainties and a dimmer job outlook," with another batch of new flats scheduled for release in October (Realion (OrangeTee & ETC) Group, 2026). Huttons' Lee adds that older flats may face softer demand and take longer to sell as newer supply increases, while newer flats in sought-after estates will keep drawing healthy interest, some potentially changing hands above S$1 million (Huttons Asia, 2026).
What a softer HDB market does to private property
The HDB resale market's performance has a huge bearing on the fortunes of private housing (Business Times, 2026). When resale prices soften, HDB homeowners have less buying power for condos; because condo purchases are aspirational, many owners may park those plans if they cannot sell their flats for a bullish price (Business Times, 2026). The historical record backs the caution. Between Q2 2013 and Q2 2019, the HDB Resale Price Index fell 12.4% (Housing & Development Board, 2026). Over that same stretch, the URA price index of private homes slid 2.1% (Urban Redevelopment Authority, 2026). Private prices had earlier corrected by a sharper 11.6% between Q3 2013 and Q2 2017 before recovering (Urban Redevelopment Authority, 2026).
Yet the private market, for now, is moving in the opposite direction. Private home prices rose 0.9% q-o-q in Q1 2026, faster than the 0.6% increase in the previous quarter (Urban Redevelopment Authority, 2026). Islandwide private prices averaged S$2,038 psf in 2026-Q2 — 6.8% below their S$2,186 psf peak but 33.3% above the S$1,529 psf trough (PropAce Institutional Advisorydata). The premium for new launches over resale remains chunky: new-launch private homes averaged S$2,304 psf against S$1,595 psf for resale, a roughly 44% new-sale premium (PropAce Institutional Advisorydata). By region, prime-core (CCR) homes have averaged S$2,443 psf, city-fringe (RCR) S$2,078 psf and suburban (OCR) S$1,552 psf (PropAce Institutional Advisorydata).
Realion (OrangeTee & ETC) Group warns that the narrowing HDB resale–private price gap may make the leap for HDB upgraders more challenging over time (Realion (OrangeTee & ETC) Group, 2026). The measured view from Business Times: the magnitude of Q1's HDB dip is small, there are many areas of strength, and it may be premature to read it as a significant, extended down cycle (Business Times, 2026).
FAQ
What happened to HDB resale prices in 2026?
HDB resale prices peaked in 3Q2025 at the Resale Price Index's highest reading on record, then fell 0.1% q-o-q in 1Q2026 and 0.3% q-o-q in 2Q2026 — the first two consecutive quarterly declines since 2Q2019 (Housing & Development Board, 2026).
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Why have HDB resale prices fallen for two consecutive quarters?
Analysts point to the BTO supply ramp-up, more resale flats reaching their five-year MOP, and a dimmer job outlook (Realion (OrangeTee & ETC) Group, 2026). HDB says the macroeconomic outlook has become more uncertain and households should exercise prudence when purchasing property and taking out mortgage loans (Housing & Development Board, 2026).
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Are million-dollar HDB resale flats still selling?
Yes — in record numbers. A record 1,593 resale flats transacted for at least $1 million in 2025, and at least 1,002 did so between Jan 1 and July 16, 2026 (PropNex, 2026).
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Could the HDB resale slowdown drag private home prices down?
Historically, a prolonged HDB correction has coincided with private-market weakness — between Q2 2013 and Q2 2019 the HDB Resale Price Index fell 12.4% while the URA private home price index slid 2.1% (Housing & Development Board, 2026; Urban Redevelopment Authority, 2026). But private prices rose 0.9% q-o-q in Q1 2026, and Business Times says the dip is not yet cause for alarm (Urban Redevelopment Authority, 2026; Business Times, 2026).
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
What is the supply outlook for the rest of 2026?
More than 13,000 flats are expected to reach their five-year MOP in 2026 (Huttons Asia, 2026). HDB launched about 6,900 BTO flats in June in Ang Mo Kio, Bishan, Bukit Merah, Sembawang and Woodlands (Housing & Development Board, 2026). The June launch drew an application rate of 3.4 against a four-year average of 3.9 (Realion (OrangeTee & ETC) Group, 2026). Sun expects price growth to remain subdued in the second half of the year, hampered by macroeconomic uncertainties and a dimmer job outlook, with another batch of new flats scheduled for release in October (Realion (OrangeTee & ETC) Group, 2026).
Statutory Source: Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
By the numbers
``` HDB PSF momentum by town — QoQ %
Queenstown +7.1% ██████████████████████ Toa Payoh +6.3% ████████████████████ Marine Parade +3.6% ███████████ Bedok +3.2% ██████████ Pasir Ris +2.9% █████████ Bukit Merah +2.6% ████████ Serangoon +1.7% █████ Choa Chu Kang +1.3% ████ Clementi +1.2% ████ Punggol +0.3% █ ```
| Town | Median PSF | QoQ | YoY | Txns (3mo) |
|---|---|---|---|---|
| Queenstown | $954 | ▲ 7.1% | ▲ 6.4% | 223 |
| Toa Payoh | $824 | ▲ 6.3% | ▲ 6.6% | 260 |
| Marine Parade | $710 | ▲ 3.6% | ▲ 5.7% | 37 |
| Bedok | $646 | ▲ 3.2% | ▲ 3.2% | 390 |
| Pasir Ris | $599 | ▲ 2.9% | ▲ 1.5% | 245 |
| Bukit Merah | $826 | ▲ 2.6% | ▲ 1.5% | 245 |
| Serangoon | $666 | ▲ 1.7% | ▲ 0.5% | 119 |
| Choa Chu Kang | $534 | ▲ 1.3% | ▲ 0.4% | 302 |
| Clementi | $769 | ▲ 1.2% | ▲ 5.3% | 135 |
| Punggol | $688 | ▲ 0.3% | ▲ 0.6% | 524 |
_Data: PropAce Institutional Advisory analysis of URA/HDB transaction data — rolling 3-month average PSF, HDB, 2026-06..2026-08. Directional; confirm before acting._
Sources
- URA caveat data, compiled by PropAce Institutional Advisory— 2026-Q2.
- URA caveat data, compiled by PropAce Institutional Advisory.
References
- Channel NewsAsia (2026) '15-month wait-out period for private property owners to buy HDB resale flats removed: Chee Hong Tat'. Available at: https://www.channelnewsasia.com/singapore/15-month-wait-out-period-removed-hdb-private-chee-hong-tat-6281891 (Accessed: 31 August 2026).
- Stacked Homes (2026) 'HDB Resale Prices Fall For A Second Straight Quarter — But Million-Dollar Flat Sales Just Hit A Record High'. Available at: https://stackedhomes.com/hdb-resale-prices-fall-for-a-second-straight-quarter-but-million-dollar-flat-sales-just-hit-a-record-high/ (Accessed: 31 August 2026).
- Stacked Homes (2026) 'HDB Resale Prices Have Fallen For Two Straight Quarters — Here’s One Buyer Trend That Helps Explain Why'. Available at: https://stackedhomes.com/hdb-resale-prices-fall-again-2q2026/ (Accessed: 31 August 2026).
- The Business Times (2026) 'Drop in HDB resale flat prices in Q1 no cause for panic among condo buyers'. Available at: https://www.businesstimes.com.sg/opinion-features/drop-hdb-resale-flat-prices-q1-no-cause-panic-among-condo-buyers (Accessed: 31 August 2026).
- The Business Times (2026) 'Median resale prices hit S$1 million for 4-room HDB flats in two towns in Q1 despite overall dip'. Available at: https://www.businesstimes.com.sg/property/median-resale-prices-hit-s1-million-4-room-hdb-flats-two-towns-q1-despite-overall-dip (Accessed: 31 August 2026).
- The Straits Times (2025) 'HDB resale prices set to rise for a record 23 quarters by end-2025: OrangeTee Group'.
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Frequently Asked Questions
What happened to HDB resale prices in 2026?
HDB resale prices peaked in 3Q2025 at the Resale Price Index's highest reading on record, then fell 0.1% q-o-q in 1Q2026 and 0.3% q-o-q in 2Q2026 — the first two consecutive quarterly declines since 2Q2019 (Housing & Development Board, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Why have HDB resale prices fallen for two consecutive quarters?
Analysts point to the BTO supply ramp-up, more resale flats reaching their five-year MOP, and a dimmer job outlook (Realion (OrangeTee & ETC) Group, 2026). HDB says the macroeconomic outlook has become more uncertain and households should exercise prudence when purchasing property and taking out mortgage loans (Housing & Development Board, 2026). Statutory Source:** [Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines](https://www.hdb.gov.sg/cs/infoweb/residential/b
Are million-dollar HDB resale flats still selling?
Yes — in record numbers. A record 1,593 resale flats transacted for at least $1 million in 2025, and at least 1,002 did so between Jan 1 and July 16, 2026 (PropNex, 2026). Statutory Source:** Housing & Development Board (HDB) — Official Housing Policies & Resale Guidelines
Could the HDB resale slowdown drag private home prices down?
Historically, a prolonged HDB correction has coincided with private-market weakness — between Q2 2013 and Q2 2019 the HDB Resale Price Index fell 12.4% while the URA private home price index slid 2.1% (Housing & Development Board, 2026; Urban Redevelopment Authority, 2026). But private prices rose 0.9% q-o-q in Q1 2026, and Business Times says the dip is not yet cause for alarm (Urban Redevelopment Authority, 2026; Business Times, 2026). Statutory Source:** [Housing & Development Board (HDB) — O
What is the supply outlook for the rest of 2026?
More than 13,000 flats are expected to reach their five-year MOP in 2026 (Huttons Asia, 2026). HDB launched about 6,900 BTO flats in June in Ang Mo Kio, Bishan, Bukit Merah, Sembawang and Woodlands (Housing & Development Board, 2026). The June launch drew an application rate of 3.4 against a four-year average of 3.9 (Realion (OrangeTee & ETC) Group, 2026). Sun expects price growth to remain subdued in the second half of the year, hampered by macroeconomic uncertainties and a dimmer job outlook,
Statutory References & Citations
- Monetary Authority of Singapore (MAS) (2026). Notice 645: Computation of Total Debt Servicing Ratio (TDSR) for Property Loans. Singapore: MAS.
- Housing & Development Board (HDB) (2026). Housing and Development Act (Cap. 129). Singapore: Ministry of National Development.
Statutory Disclaimer: This guide is published for strategic, educational, and institutional planning purposes only and does not constitute formal legal, taxation, or financial advice. All property transactions, stamp duty remissions, and financing structures should be formally verified with qualified Singapore legal counsel and certified tax advisors.