HDB Resale Prices Edge Up 0.3% in May as Volume Rebounds to 2,139 Units

HDB resale prices edged up in May 2026, with the overall index rising 0.3% month-on-month to 208.9, up from 208.3 in April and reversing the previous month’s dip. By estate, Mature Estate prices moved up 0.4% and Non-Mature Estate prices moved up 0.2%.

The gain was broad-based by flat type. Five-room and Executive flats led with the strongest month-on-month increases of 1.0% each, while four-room flats also firmed at 0.2%. Only three-room flats eased marginally, dipping 0.3%. On a year-on-year basis, five-room flats were up 1.0% and four-room flats rose 0.4%, while three-room flats slipped 1.0% and Executive flats declined 1.9%.

Resale transaction volume rebounded 10.1% month-on-month to 2,139 flats from April’s softer 1,943. However, the more telling year-on-year comparison showed volume was 6.3% lower than the 2,284 units transacted in May 2025, indicating some buyer caution as resale quantums have climbed to record levels and BTO supply continues to ramp up.

Million-dollar HDB resale transactions continued to feature prominently in May. A total of 166 flats were transacted at prices of $1,000,000 or above, up from 138 in April and accounting for 7.8% of total resale volume.

The highest-priced flat of the month was a five-room unit at The Pinnacle @ Duxton (Central Area) at $1,630,000. A four-room unit in the same Cantonment Road development also changed hands at $1,550,000, underscoring the enduring premium buyers place on this landmark address. In Non-Mature Estates, an Executive flat in Hougang Street 21 transacted at $1,232,888, the highest million-dollar resale price recorded outside mature towns for the month.

Bukit Merah led the month with 22 million-dollar flats, followed by Toa Payoh and Queenstown with 21 each. Clementi recorded 14, Ang Mo Kio 13, and Bedok 12, with the balance spread across Kallang/Whampoa, Bishan, Tampines, Central Area, Hougang, and other estates. Mature towns continued to dominate the segment, reflecting sustained demand for established prime estates with stronger transport connectivity and amenities.

By volume share, four-room flats remained the largest segment at 46.0%, followed by three-room at 24.6% and five-room at 23.4%, with Executive flats the smallest at 6.0%. By estate, Non-Mature Estates accounted for 55.1% of resale volume, with the remaining 44.9% from Mature Estates.

HDB resale prices are expected to remain broadly stable, with modest fluctuations across flat types and estates. After May’s uptick and volume rebound, the next few months may see steady activity, with volume guided by seller flexibility and buyer affordability.

Price growth is likely to remain measured rather than aggressive. Household formation, upgrader demand, and the need for immediate occupation should continue to support resale activity, but affordability limits may cap sharper price increases. May’s figures point to a market that has stabilised after April’s brief dip, with prices edging up and volume rebounding. The HDB resale market is moving towards a healthier balance, where genuine demand supports transaction volume while price growth becomes more selective, location-driven, and affordability-sensitive.