HDB Resale Volume Surges 24.5% in July to 2,660 Units but Prices Dip 0.7%

July’s 2,660 resale transactions marked a sharp rebound from June’s subdued activity, driven by two converging factors: the release of pent-up demand from the June school holidays and the fallout from June’s Build-To-Order (BTO) ballot exercise.

HDB launched its June BTO sales exercise with seven projects totalling 6,952 units, drawing 22,312 applications at an overall subscription rate of 3.2 times. Popular projects in mature estates such as Bishan and Redhill attracted especially strong demand, which likely pushed unsuccessful applicants toward the resale market while awaiting ballot results.

99.co chief data officer Luqman Hakim noted that the July volume surge represents a normalisation after June’s quiet spell rather than a sudden shift in buyer sentiment. Many families delayed house-hunting decisions during the June school holidays, opting for overseas trips instead. As the holidays ended and unsuccessful BTO applicants returned to the resale market, previously deferred demand was released in July.

Despite the impressive transaction volume, overall resale prices continued their downward trend, falling 0.7% on both a quarter-on-quarter and year-on-year basis.

Mature estate prices fell more noticeably, dropping 1.7% quarter-on-quarter and 1.3% year-on-year. Non-mature estates recorded milder declines of 0.3% quarter-on-quarter and 0.9% year-on-year.

By flat type, larger units experienced sharper price corrections. Executive apartments led the decline at 1.5% quarter-on-quarter, followed by five-room flats at 1.1%, four-room flats at 0.9%, and three-room flats at 0.4%. On a year-on-year basis, three-room flats dropped 1.3%, four-room flats fell 0.9%, and executive apartments slipped 1.0%, while five-room flats bucked the trend with a slight 0.2% increase.

July recorded 187 resale transactions at or above S$1 million, nearly matching June’s 188 and accounting for roughly 7% of total transactions. Queenstown led the segment with 32 million-dollar flat sales, followed by Toa Payoh with 28 and Redhill with 20.

The highest resale price in July was achieved at Natura Loft in Bishan, a former HUDC estate, where a five-room unit changed hands at S$1.58 million. In non-mature estates, a five-room unit at Punggol Field fetched S$1.288 million.

Non-mature estates accounted for 57.8% of total resale volume, while mature estates made up 42.2%. Four-room flats remained the most popular flat type among buyers at 45.1% of transactions, followed by five-room flats at 26.3%, three-room flats at 22.5%, and executive apartments at 6.1%.

Hakim expects the upcoming October BTO exercise, which is slated to offer approximately 8,000 new units, to draw some potential buyers back to the primary market. This could prompt the resale market to enter another short wait-and-see period around September as buyers reassess their options ahead of the launch.