HDB Resale Prices Dip 0.1% in Q3 as Transactions Rise 19.5% After the Wait-Out Period Ends

The HDB resale price index stood at 202.5 in Q3 2026, against 202.8 in Q2 (down 0.3 per cent), 203.4 in Q1 (down 0.1 per cent, the first dip in close to seven years), 203.6 in Q4 2025 (unchanged) and 203.7 in Q3 2025 (up 0.4 per cent). The 7,645 third-quarter transactions were also 5.9 per cent higher than the 7,221 recorded in the same period in 2025. In our earlier post, the flash estimate showed a 0.2 per cent dip, so the final figure is slightly better. See HDB Q3 Resale Prices Dip 0.2% for the flash estimate.

HDB said on 23 October that it has not seen a significant increase in the prices or number of resale flats purchased by private property downgraders after the 15-month wait-out period was lifted on 28 July. The period, introduced in September 2022, aimed to curb demand from cash-rich private home owners looking to buy a resale HDB flat. When it was eased, National Development Minister Chee Hong Tat said market conditions had improved and HDB resale prices had moderated significantly.

Property analysts said the lifting could still have contributed to the rise in transactions. Huttons Asia said private home downgraders likely contributed to the jump in the number of five-room and larger flats sold. Before the measure was eased, buyers aged 55 and above were exempt if they bought a four-room or smaller resale flat. The number of five-room flats sold rose 26.7 per cent to 1,867 units, while executive flats surged 41.6 per cent to 545 units, the highest number of five-room and larger flats sold since the third quarter of 2022.

Despite the dip in prices, the number of million-dollar flat transactions rose to 596 in Q3, from 490 in the previous quarter, taking the total to 1,497 in the first nine months of 2026. ERA said about half of the million-dollar transactions were for resale flats aged 15 years and below. Twenty-six flats sold for S$1.5 million or higher, comprising five-room and executive units in Bishan, Bukit Merah, Clementi, Kallang/Whampoa, Queenstown, Toa Payoh and the central area. The most expensive flats in Q3 were executive flats in Serangoon, with a median price of S$1.13 million. The second-most expensive were four-room flats in Queenstown, with a median of S$1.065 million, up from S$1.035 million in Q2.

In the private market, prices rose 1.4 per cent in Q3, up from 0.5 per cent in Q2, but overall transaction volumes fell 16.3 per cent to 5,146 units from 6,148, as developers sold 1,183 homes, down 44.7 per cent. Realion expects transactions to surge in Q4 with the launches of Lucerne Grand, Thomson Reserve and The Serra, which together offer about 2,000 new homes. About 57,200 private homes, including executive condominiums, are expected to be completed in the next few years, URA said. HDB and URA noted the macroeconomic outlook remains uncertain and advised households to be prudent when buying property and taking mortgage loans.

In November, HDB will roll out 7,960 flats in Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun. Assisted living flats, also known as community care apartments, will be offered in Toa Payoh, with senior-friendly fittings such as wheelchair-accessible bathrooms and other health and community services.