HDB Resale Prices Fall for Second Consecutive Quarter Down 0.3% in 2Q2026

HDB resale prices have now slipped for two straight quarters, with the Resale Price Index easing 0.3% to 202.8 in Q2 2026 following a 0.1% decline the previous quarter. Christine Sun, chief researcher and strategist at Realion (OrangeTee & Tie), attributes the softening to a combination of factors including increased BTO supply, multiple Sale of Balance Flats exercises, and the availability of Shorter Waiting Time flats.

Despite the index-level decline, average resale prices by flat type were mixed. Four-room flats rose 0.5% quarter-on-quarter to $679,570, five-room flats gained 0.3% to $791,388, and executive and multi-generation flats climbed 1.4% to $933,340. Three-room flats were nearly flat at $472,951 (+0.1%), while two-room flats dipped 0.2% to $372,373. The overall average resale price edged up 0.4% to $661,196.

Lee Sze Teck, senior director of data analytics at Huttons Asia, notes the minor price softening was largely cushioned by a steady influx of buyers returning to the resale market, which helped support overall transaction volumes and stabilise the market.

Resale transaction volume rose 1.8% quarter-on-quarter to 6,396 units in Q2 2026 from 6,285 units in Q1. However, this marks the lowest second-quarter volume since 3,426 resale flats were sold in Q2 2020 during the Covid pandemic, according to Realion’s Sun. Year-on-year, total resale volume fell 9.9%, with declines across most flat types except one-room flats.

Two-room and three-room flat transactions dipped the most, by 22.3% and 12.3% respectively, possibly impacted by the surge in two-room flexi flat supply drawing some buyers away. Marcus Lim, vice-president of research and content at ERA, notes that buyers may now find themselves with more bargaining power after several years of a sellers’ market.

Newer flats up to 14 years old comprised a significant share of transactions, supported by a high volume of flats reaching their Minimum Occupation Period (MOP). Concurrently, older flats of at least 50 years saw their transaction share expand by 1.5 percentage points compared to the same period in 2025, driven by cash-rich buyers prioritising location or size over remaining lease tenure.

Of 26 HDB towns, 15 registered price contractions ranging between 0.1% and 7.9% in Q2 2026. Serangoon led the correction with the largest quarterly decline of 7.9%, followed closely by Marine Parade at 7.6% and Geylang at 6.9%. Notably, average resale prices in Marine Parade retracted by more than 10% in the first half of 2026, which Huttons attributes to the estate’s ageing lease profiles and a shift in buyer demand toward newer completed flats in nearby Bedok South Horizon.

Jurong West, Punggol, Sengkang, Tampines, and Woodlands emerged as the five most popular HDB towns, collectively accounting for 35.7% of total resale transactions based on caveats lodged.

The million-dollar HDB resale segment continued to gain traction, with 491 transactions in Q2 2026, up 19.5% from the previous quarter. Toa Payoh led with 66 million-dollar deals, followed by Queenstown (65), Bukit Merah (64), Kallang/Whampoa (41), and Ang Mo Kio (38).

Three towns recorded million-dollar median resale prices in Q2 2026 for four-room flats: Central Area, Queenstown, and Toa Payoh. SRI head of research Mohan Sandrasegeran notes these mature estates are supported by central locations, excellent transport connectivity, comprehensive amenities, and limited supply.

ERA’s Lim observes that in popular towns such as Toa Payoh and Queenstown, the influx of newer MOP flats has expanded the pool of homes likely to reach the million-dollar mark, creating a more bifurcated resale landscape.

Looking ahead, Huttons projects that million-dollar transactions will reach between 1,700 and 1,900 units in 2026, with flats in upcoming MOP estates such as Waterfront I and Waterfront II @ Northshore named as prime candidates to join the million-dollar resale tier.

For the full year, Huttons estimates overall HDB resale transactions will land between 22,000 and 26,000 units, with price growth projected to range between -2% and 2%. ERA expects around 26,000 units by year-end, reflecting sustained housing demand despite more cautious buyer sentiment. Realion’s Sun projects overall HDB resale prices to trend between -1% and 2% for the whole of 2026.

SRI’s Mohan Sandrasegeran notes that HDB resale prices have cumulatively declined 0.4% in H1 2026, compared with a 2.5% increase in the same period last year, signalling a clear shift from the multi-year price rally. PropNex’s Wong Siew Ying projects full-year resale volume of 26,000 to 27,000 units, with prices remaining stable or rising up to 1%. An upcoming BTO exercise in October is expected to offer about 7,960 units across Punggol, Bukit Merah, Tengah, Toa Payoh, Sembawang, and Yishun.

SRI’s Mohan Sandrasegeran notes that HDB resale prices have cumulatively declined 0.4% in H1 2026, compared with a 2.5% increase in the same period last year, signalling a clear shift from the multi-year price rally. PropNex’s Wong Siew Ying projects full-year resale volume of 26,000 to 27,000 units, with prices remaining stable or rising up to 1%. An upcoming BTO exercise in October is expected to offer about 7,960 units across Punggol, Bukit Merah, Tengah, Toa Payoh, Sembawang, and Yishun.

The continued expansion of BTO supply, together with multiple SBF exercises and the availability of Shorter Waiting Time flats, is expected to gradually reduce the supply-demand imbalance that characterised the resale market in recent years, distributing demand more evenly across BTO, SBF, and resale segments.