HDB resale prices fall for third straight quarter

This is despite increased buying interest from private homeowners.

HDB resale prices fell for a third consecutive quarter in the third quarter (Q3) of 2026, although recent policy changes could help stabilise demand and prevent steeper declines, according to Realion (OrangeTee & ETC) Research.

Prices slipped 0.2% quarter on quarter (QoQ) in Q3, following a 0.3% decline in the second quarter (Q2), according to HDB’s flash estimates.

On a year-to-date basis, prices fell 0.6% in the first three quarters of 2026, reversing the 2.9% increase recorded over the same period in 2025.

The removal of the 15-month wait-out period for private property owners buying non-subsidised HDB resale flats could provide support to the market, Realion said.

“There was a noticeable increase in buying interest and sales enquiries from private homeowners for HDB resale flats looking to right-size,” it said.

The increase in demand has yet to fully translate into transactions, as sales can take around two to three months to complete. However, the additional demand could help stabilise resale volumes and prices, preventing steeper declines.

Resale volume rose 5.2% year on year (YoY) to 7,528 units in Q3, according to HDB’s flash estimates.

The market is also showing stronger demand for larger flats. Executive flat transactions rose 22.1% YoY to 531 units in Q3, the largest increase amongst flat types, whilst five-room flat transactions climbed 13.4% to 1,822 units.

Four-room flats increased 7% to 3,270 units, whilst three- and two-room flats registered fewer transactions.

Premium resale flats also continued to outperform the wider market. Resale flats sold for at least S$800,000 increased 28.1% QoQ to 1,823 units in Q3.

Million-dollar flat transactions also rose to a quarterly record of 597 units, from 490 units in Q2.

Amongst transactions above S$1.5m, 26 deals were recorded in Q3, up from 12 in the first quarter and 15 in Q2.

“Although Q3 witnessed a marginal drop in prices, there could be a slight price rebound for certain regions or flat models in the upcoming months,” Realion said.

However, ample housing supply and the higher BTO income ceiling could limit broader price gains.

The increased ceiling could divert some buyers towards subsidised flats rather than larger and more expensive resale units.

Realion has revised its 2026 HDB resale price growth forecast to 0% to 1%, from its previous forecast of -1% to 2%.

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