HDB resale prices dipped 0.1% in Q3; more flats sold after 15-month wait-out period lifted

SINGAPORE – Prices of Housing Board resale flats dipped slightly in the third quarter of 2026, even as more units were sold after a cooling measure imposed on private property downgraders was lifted.

Data released by HDB on Oct 23 showed that HDB resale prices fell by 0.1% in the third quarter of 2026. Prices dipped 0.1% in the first quarter – the first time in close to seven years – followed by 0.3% in the second quarter.

There were 7,645 transactions in the third quarter, up 19.5% from 6,396 units in the second quarter. The third-quarter transactions were also 5.9% higher than the same period in 2025 when 7,221 units were transacted.

HDB said on Oct 23 that it has not seen a significant increase in the prices and number of resale flats purchased by private property downgraders following the lifting of the 15-month wait-out period on July 28.

Introduced in September 2022, the 15-month wait-out period was aimed at curbing demand from cash-rich private home owners looking to buy a resale HDB flat.

When rules were eased, National Development Minister Chee Hong Tat said this was done as market conditions had improved and HDB resale prices had moderated significantly.

In the private home market, prices rose 1.4% in the third quarter, up from 0.5% in the previous quarter.

But overall transaction volumes were down by 16.3% compared with the previous quarter, falling to 5,146 units from 6,148 units.

Developers sold 1,183 private homes (excluding executive condominiums) in the third quarter, down 44.7% from 2,141 units in the previous quarter.

Resale transactions for the quarter dipped marginally, with 3,801 units sold compared with 3,813 units in the previous quarter.

Across all areas in Singapore, prices of non-landed properties rose 1% in the third quarter, compared with a 0.1% decrease in the previous quarter.

Prices in the core central region increased by 0.3%, while prices in the city fringe remained flat, and those in the suburbs increased by 2.3%.

Landed home prices rose by 2.9%.

The Urban Redevelopment Authority (URA) said in a statement that property prices increased by an average of 0.9% per quarter for the first three quarters of 2026, similar to the average quarterly increase over the same period in 2025.

More five-room and larger HDB flats transacted

Property analysts said the lifting of the 15-month wait-out period could have contributed to the increase in HDB transactions.

Lee Sze Teck, senior director of data analytics at real estate agency Huttons Asia, said private home downgraders likely contributed to the jump in the number of five-room and larger flats sold in the third quarter.

Before cooling measures were eased, buyers aged 55 and above were exempted from the wait-out period if they bought a four-room or smaller resale flat.

The number of five-room flats sold in the third quarter increased by 26.7% to 1,867 units, while executive flats surged 41.6% to 545 units.

“This is the highest number of five-room and larger flats sold since the third quarter of 2022,” Lee said.

According to HDB data, the most expensive flats in the third quarter of 2026 were executive flats in Serangoon, which had a median price of $1.13 million.

The second-most expensive were four-room flats in Queenstown, which had a median price of $1.065 million, up from $1.035 million in the second quarter.

Despite the drop in resale prices, the number of million-dollar flat transactions rose to 596 in the third quarter of 2026, up from 490 in the previous quarter.

In total, 1,497 million-dollar flats were sold in the first nine months of 2026.

Eugene Lim, key executive officer of property agency ERA Singapore, said about half of the million-dollar transactions were for resale flats aged 15 years and below.

Twenty-six flats were sold for $1.5 million or higher, and comprised five-room and executive units in Bishan, Bukit Merah, Clementi, Kallang/Whampoa, Queenstown, Toa Payoh and the central area, he noted.

Private market expected to pick up in fourth quarter

As for the private housing market, Christine Sun, chief researcher and strategist at property firm Realion (OrangeTee & ETC) Group, said the decline in sales volume for new launches could be attributed to developers pausing their launches during the seventh lunar month.

She expects transactions to surge in the fourth quarter of 2026, with the launches of three condominium projects – Lucerne Grand, Thomson Reserve and The Serra. In total, they will offer about 2,000 new units.

URA said that 4,745 private homes will be launched under the government land sales programme in the second half of 2026.

This will bring the confirmed supply for the whole year to 9,320 units, more than 50% higher than the average number of units launched each year over the past 10 years.

In total, about 57,200 private homes, including executive condominiums, are expected to be completed in the next few years, it added.

HDB and URA said the macroeconomic outlook remains highly uncertain, and advised households to exercise prudence when purchasing property and taking out mortgage loans.

“The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market,” HDB added.

In November, HDB will roll out about 7,960 flats in Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun.

Assisted living flats, also known as community care apartments, will also be offered in Toa Payoh. These flats come with senior-friendly fittings, such as wheelchair-accessible bathrooms, and other health and community services.

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