How considerably did Singapore’s HDB resale market shift in August 2025, and what underlying factors contributed to this notable transformation? The market experienced a modest decline in prices alongside a significant contraction in transaction volumes, reflecting a broader stabilization phase following previous bullish trends.
HDB resale prices dipped by 0.1% month-on-month in August 2025, reaching an average of approximately $650,415, though conflicting reports indicate a 1.2% month-on-month increase, highlighting data inconsistency across sources.
Both mature and non-mature estates experienced price decreases, at 0.3% and 0.1% respectively. Meanwhile, year-on-year comparisons revealed a 4.7% price rise compared to August 2024.
Both mature and non-mature estates saw monthly price declines despite maintaining strong annual growth of 4.7% year-over-year.
Transaction volumes demonstrated more pronounced weakness, with HDB resale flat transactions totaling 2,208 to 2,211 units. This represents a substantial 13.9% to 14.3% decline compared to July 2025.
Year-on-year transaction volume declined by 14.8% compared to August 2024, extending the downward trajectory observed in Q1 2025, which already showed a 7.7% year-on-year decrease in resale volume.
Market segmentation revealed shifting buyer preferences toward affordability. In August 2025, 23.6% of resale flats sold below $500,000. Transactions between $500,000 and $700,000 comprised 43.1% of sales, while 26.9% of flats sold between $700,000 and under $1 million, compared to 28.3% in the previous month.
Million-dollar resale units represented 6.4% of sales, marginally lower than July’s 6.5%. In August, 141 flats transacted for at least $1 million, with the most expensive transaction being a 5-room unit in Pinnacle@Duxton that sold for $1.6 million.
Top-selling HDB towns included Sengkang, Yishun, Tampines, and Jurong West, reflecting buyer demand shifts toward more affordable options in these locations.
Prevailing cooling measures, including tighter loan-to-value limits for HDB loans and higher BTO flat supply, contributed to reduced sales volume and price resistance among buyers.
The current market environment signals a shift from the 9.7% price surge experienced in 2024, which resulted from low supply and urgent demand, toward a more balanced phase oriented toward sustainability and accessibility. The market faces continued supply constraints as only 8,000 flats reached their Minimum Occupation Period in 2025, significantly below previous years’ volumes of up to 30,000 flats.
Price growth decelerated from 2.6% in Q4 2024 to 1.6% in Q1 2025, indicating the market’s movement toward stabilization rather than retreat.
