Singapore HDB Resale Prices See Sustained Quarterly Declines

Singapore's Housing and Development Board (HDB) resale flat prices fell for a third consecutive quarter. Flash estimates released on October 1 indicated the HDB Resale Price Index registered 202.4 in the third quarter. This represents a 0.2 per cent decline from the 202.8 recorded in the second quarter. The second quarter saw a 0.3 per cent fall, preceded by a 0.1 per cent decline in the first quarter.

This sustained downward trend follows a period of notable appreciation. HDB resale prices were unchanged in the fourth quarter of 2025. This stasis followed a 0.4 per cent rise earlier that year. In 2023, prices climbed 4.8 per cent, which marked a slowdown from the 10.4 per cent increase seen in 2022. The 1.2 per cent rise in the third quarter of 2023 was also lower than the quarter average for 2022.

The HDB stated it has not observed a significant increase in either the prices or the number of resale flats purchased by private home owners and former private property owners. This claim follows the removal of the 15-month wait-out period, a policy adjustment intended to influence housing demand. The continued price declines, even after this policy shift, suggest that either other market dynamics are primary drivers or the policy's impact on demand from private owners has been limited.

The consistent cooling of the HDB resale market suggests a broader recalibration within Singapore's housing sector. While private home prices reportedly rose at a slower pace in the second quarter, the persistent fall in public housing prices indicates a market correction. This current trajectory implies that affordability pressures, a prior concern in Singapore's housing discussions, may be easing. The extent of this cooling, however, remains contingent on economic conditions and the effects of further policy. The continued performance of the index will show if this decline represents a short-term adjustment or a more enduring market rebalancing.