HDB resale price index falls for the first time in nearly seven years
This comes on the back of five consecutive quarters of slower or flat price growth.
Housing and Development Board flats in Bishan. (File photo: Unsplash/chuttersnap)
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SINGAPORE: The resale price index for public housing fell for the first time in almost seven years, after a sustained period of slowing growth.
Flash estimates released by the Housing and Development Board (HDB) on Wednesday (Apr 1) showed that the resale price index fell by 0.1 per cent in the first quarter of 2026, down from the previous quarter.
The dip marks the first quarterly decline since the second quarter of 2019, and follows five consecutive quarters of slower or flat price growth
Resale activity also softened slightly.
As of Mar 30, a total of 6,179 resale transactions were recorded in the first quarter of the year, 4.5 per cent lower than the 6,473 transactions in the same period last year.
Resale prices have been moderating over the years.
In 2025, resale prices rose by 2.9 per cent compared with 9.7 per cent in 2024, marking the slowest price growth since 2019.
The "marginal dip" in the latest resale price index suggests that the market may be entering a more balanced phase after several years of sustained growth, said Mr Eugene Lim, key executive officer at ERA Singapore.
Mr Mohan Sandrasegeran, head of research & data analytics at SRI, also said that the latest figures reflect a more balanced market environment. He noted that the price growth is supported by underlying demand but moderated by improved supply conditions.
"The government has been launching many new flats in choice locations and with short waiting periods," said Ms Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group.
"Such flats are in direct competition with resale flats as buyers now do not need to wait too long for new housing."
BTO EXERCISE IN JUNE
In its June sales exercise, HDB will launch about 6,900 Build-to-Order (BTO) flats in Ang Mo Kio, Bishan, Bukit Merah, Sembawang and Woodlands.
More details on the projects will be released during the sales exercise.
Flat buyers must have a valid HDB Flat Eligibility (HFE) letter at the point of application. HDB also advised prospective buyers to apply early and submit all required documents by May 15 to ensure they can obtain their HFE letter in time.
HDB also said that the macroeconomic outlook has become more uncertain, urging households to exercise prudence when purchasing properties and taking out mortgage loans.
PRIVATE HOME PRICES
In the private property market, prices rose at a slower pace in the first quarter of 2026, according to flash estimates released by the Urban Redevelopment Authority (URA).
The private residential property price index increased 0.3 per cent quarter-on-quarter in the January to March period, compared with the 0.6 per cent increase recorded in the previous quarter.
However, sale transaction volume fell by about 40 per cent quarter-on-quarter, with 4,041 units sold as of mid-March, down from 6,699 units in the fourth quarter of last year.
Prices of non-landed private residential properties rose 1 per cent in the first quarter, compared with the 0.2 per cent decline in the previous quarter.
For landed properties, prices fell 1.8 per cent in the first quarter, compared with the 3.4 per cent increase in the preceding quarter.
Private home prices remained "broadly stable" in the first quarter, even as transaction volumes pulled back sharply, said Marcus Chu, chief executive officer of ERA Singapore.
"This reflects a market that is consolidating following the strong launch-driven momentum in the second half of 2025," he added.
"The moderation in activity was largely due to seasonal factors and a tighter launch pipeline, which limited immediate buying opportunities.”
URA said that the flash estimates are based on transaction prices submitted for stamp duty payment and data on developer sales up to mid-March.
The full set of real estate statistics for the first quarter will be updated on Apr 24, and figures may be revised.
