Singapore’s HDB resale market edged into its first quarterly price decline since Q2 2019, with the resale price index slipping 0.1% from 203.6 in Q4 2025 to 203.4 in Q1 2026, a modest but notable reversal after five consecutive quarters of slower or flat growth that indicates a shift toward a more balanced market phase.
Singapore’s HDB resale market posted its first quarterly dip since 2019, signalling a tentative shift toward balance.
The movement was small in absolute terms, yet it interrupted a long sequence of resilience and underscored a moderation trend already visible through 2025, when annual HDB resale price growth slowed to 2.9%, the weakest increase since 2019, after much faster gains of 9.7% in 2024, 4.9% in 2023, 10.4% in 2022, and 12.7% in 2021.
Over a longer horizon, HDB resale values remain substantially elevated, having risen 51% over the past decade and 177% over 20 years, which helps explain why million-dollar transactions have become increasingly common despite the latest quarterly pullback.
In 2025 alone, 1,594 resale flats changed hands above the S$1 million threshold, bringing the cumulative total of such transactions to 4,029, compared with 1,035 in 2024, 470 in 2023, and 369 in 2022.
Transaction activity also softened. Q1 2026 recorded 6,179 resale transactions, down 4.5% from 6,473 in Q1 2025, while February 2026 volumes were 20.6% lower year on year, with 24.4% of that month’s activity coming from specific room types.
HDB resale prices nonetheless remained broadly stable in February, suggesting that lower turnover did not translate into abrupt price deterioration.
Pricing data continued to position HDB flats as markedly below private residential benchmarks. The average HDB resale price stood at S$652,498, with a median of S$628,000, an average unit size of 1,021.38 square feet, and an average price of S$638.80 per square foot. Notably, the HDB resale price-to-income ratio has risen from 3.7 in 2022 to 4.3 in 2024, reflecting how affordability has gradually tightened even within the public housing segment.
By comparison, condominiums averaged S$2,128,942 and S$2,123.95 per square foot, while landed homes averaged S$5,928,412 and S$1,815.79 per square foot. Singapore’s high homeownership rate of 90.8% also highlights how deeply housing demand is embedded across the population despite affordability pressures.
Analysts attributed the moderation partly to expanded Build-To-Order supply, with more than 55,000 flats targeted from 2025 to 2027, alongside broader economic influences and external risks such as trade wars. The government is also set to launch about 6,900 BTO flats in June across Ang Mo Kio, Bishan, Bukit Merah, Sembawang and Woodlands.
