HDB resale prices dip 0.6% in December as volumes rise

Transaction volumes rebound but remain lower year on year.

HDB resale prices fell 0.6% month on month (MoM) in December 2025, whilst transaction volumes rose 21.9% to 2,040 units, according to the latest 99-SRX Media Flash Report.

The price decline affected both Mature and Non-Mature Estates, which recorded month-on-month decreases of 0.6% and 0.2% respectively. By flat type, prices fell across all segments, with 4-room and 5-room flats declining 0.9% and 1.1% respectively, whilst Executive and 3-room flats dropped 0.6% and 0.3%.

Despite the monthly moderation, resale prices remained 2.3% higher year on year (YoY). Prices rose across all flat types compared with December 2024, led by Executive flats at 5.7%, whilst Mature and Non-Mature Estates recorded annual gains of 2.8% and 2.4%.

Resale volumes recovered following a sharp pullback in October, but December transactions were still 4.2% lower year on year. Market participants appear to be adjusting expectations ahead of increased supply, with more than 13,000 flats expected to reach their Minimum Occupation Period in 2026, according to the report’s commentary.

Million-dollar transactions increased to 145 units in December, accounting for 7.1% of total resale volumes. The highest transacted price was $1.53m for a 5-room flat at The Peak @ Toa Payoh, which also recorded the highest number of million-dollar deals during the month.

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