HDB Resale Price Trend 2026: Three Quarters of Decline, Volumes and Million-Dollar Flats

The answer: HDB resale prices are drifting down in 2026. HDB's resale price index fell 0.1% in Q1, 0.3% in Q2 and 0.2% in Q3 (flash estimate), to 202.4. That is about 0.6% below the end of 2025, after rises of 9.7% in 2024 and 2.9% in 2025. Volumes are steady, and million-dollar flats keep rising.

Published 2 October 2026, using HDB's flash estimate for Q3 2026 (1 October). HDB's final Q3 figures are due in late October; we will update this page then.

What is the HDB resale price trend in 2026?

Prices have eased slightly for three quarters in a row. Before Q1 2026, the index had not fallen in a quarter since Q2 2019. The falls are small: the index is about 0.6% below its Q3 2025 peak of 203.7.

Source: HDB resale price index table and HDB flash estimate, 1 October 2026. HDB describes Q3 as "the third consecutive quarter of decline".

The flash estimate is based on transactions recorded before the quarter ended (HDB's flash volume runs to 29 September) and can be revised. For example, the Q2 2026 flash was 202.7 (HDB, 1 July 2026) and the final was 202.8, both −0.3%.

How does 2026 compare with earlier years?

Sources: index levels from HDB; annual changes for 2024 and 2025 as stated in HDB's Q4 2024 and Q4 2025 releases. HDB called 2025 the slowest annual growth since 2019. The full quarterly series from 2022, with a source for every quarter, is on our market data page.

From Q1 2022 (159.5) to Q3 2026 (202.4), the index is still up about 27% on our calculation. The 2026 declines have taken back only a small part of the earlier gains.

How many HDB resale flats are being sold?

Volumes fell in 2025 and have been steady in 2026. HDB counts resale applications registered.

Sources: HDB quarterly public housing data releases for Q2 2024, Q4 2024, Q4 2025, Q1 2026 and Q2 2026; Q3 flash from HDB, 1 October 2026.

HDB describes Q3 volume as broadly stable: 7,528 transactions to 29 September, 5.2% more than the 7,157 in the same period of 2025. Flash counts are usually revised upward slightly; the Q1 2026 flash count was 6,179 (EdgeProp, 1 April 2026) against a final of 6,285.

How many million-dollar HDB flats were sold in 2026?

HDB does not publish a count of million-dollar resale flats. It does publish every resale transaction on data.gov.sg, so we counted them ourselves: flats with a resale price of S$1,000,000 or more, grouped by the month the resale was registered.

Source: our count from HDB's resale flat prices dataset on data.gov.sg, retrieved 2 October 2026. Counts published elsewhere differ slightly, possibly because they were taken on different dates: for example, Q3 2026 is reported as 597 in The Straits Times.

So even as the overall index slipped, million-dollar deals kept climbing: Q2 and Q3 2026 each set a new quarterly high on our count (Q1's 411 was below the 480 in Q3 2025), and the first nine months nearly matched all of 2025. Huttons' Lee Sze Teck said about 353 five-room and larger flats sold for at least S$1 million in Q3, up from 277 in Q2, "likely driven by private home downgraders" (The Straits Times via Yahoo, 1 October 2026). Million-dollar flats are still a small share: 596 out of more than 7,000 resale transactions in Q3.

How many flats are reaching their MOP?

Most flats can be sold on the open market once they reach their five-year minimum occupation period (MOP); Plus and Prime flats have a 10-year MOP. HDB expects the number of BTO flats reaching MOP to rise each year.

Source: HDB, 28 July 2026, footnote 1. Some agencies quote other figures, such as 13,480 for 2026; we use HDB's own.

ERA's Eugene Lim linked part of the Q3 price dip to the 2026 MOP wave (The Straits Times via Yahoo, 1 October 2026). More flats becoming eligible for sale means more choice for buyers.

What is driving HDB resale prices in 2026?

These are the factors HDB and named analysts point to, with dates.

The supply measures push prices down and the wait-out removal and higher income ceilings add buyers. Analysts differ on how quickly the second group will show up. Knight Frank's Leonard Tay said the wait-out removal could increase transaction activity in the months ahead, while Realion's Christine Sun said its effect may not have fully taken hold yet (The Straits Times via Yahoo, 1 October 2026).

What do analysts expect for the rest of 2026?

After Q2 data in July, analysts' forecasts for full-year 2026 HDB resale prices ranged from a small fall to a small rise (EdgeProp, 24 July 2026):

These are the firms' views, not ours. Prices were down about 0.6% over the first nine months on HDB's flash data. That is within the lower part of the Huttons and Realion ranges, but below the SRI and PropNex forecasts. We found no named forecasts for 2027 yet.

This is general market information, not advice about whether or when to buy or sell. For private property, see our Singapore property market outlook 2027.

FAQ

Are HDB resale prices falling in 2026?

Slightly. HDB's resale price index fell 0.1% in Q1, 0.3% in Q2 and 0.2% in Q3 2026 (flash estimate), to 202.4. It is about 0.6% below the end of 2025.

What is the HDB resale price index for Q3 2026?

HDB's flash estimate, released on 1 October 2026, puts the index at 202.4 (1Q2009 = 100), down 0.2% from 202.8 in Q2. Final figures are due in late October.

How many HDB resale flats were sold in 2025?

HDB recorded 26,169 resale transactions in 2025, down from 28,986 in 2024.

How many million-dollar HDB flats were sold in 2026?

HDB does not publish this figure. Our count from HDB's transaction data on data.gov.sg is 1,497 resale flats at S$1 million or more from January to September 2026, against 1,593 in all of 2025.

How many HDB flats reach MOP in 2026 and 2027?

HDB says about 13,500 flats reach their minimum occupation period in 2026, about 15,000 in 2027 and about 19,500 in 2028.

Sources

• HDB, "Flash Estimate of 3rd Quarter 2026 Resale Price Index and Upcoming Flat Supply", 1 October 2026: hdb.gov.sg
• HDB, Resale Price Index table, 1Q1990 to 3Q2026 (flash estimate): hdb.gov.sg (PDF)
• HDB, 2nd Quarter 2026 public housing data, 24 July 2026: hdb.gov.sg
• HDB, 1st Quarter 2026 public housing data, 24 April 2026: hdb.gov.sg
• HDB, 4th Quarter 2025 public housing data, 23 January 2026: hdb.gov.sg
• HDB, flash estimate of 2nd Quarter 2026 resale price index, 1 July 2026: hdb.gov.sg
• HDB, 2nd Quarter 2024 public housing data, 26 July 2024: hdb.gov.sg
• HDB, 4th Quarter 2024 public housing data, 24 January 2025: hdb.gov.sg
• HDB, removal of the 15-month wait-out period, 28 July 2026: hdb.gov.sg
• HDB, increase in income ceilings, 23 August 2026: hdb.gov.sg
• HDB, measures to cool the HDB resale market, 20 August 2024: hdb.gov.sg
• HDB, resale flat prices (transaction data), on data.gov.sg
• The Straits Times via Yahoo News Singapore, HDB resale prices dip for third quarter, 1 October 2026: sg.news.yahoo.com
• EdgeProp, HDB resale price index drops 0.1% in 1Q2026 (flash), 1 April 2026: edgeprop.sg
• EdgeProp, HDB resale prices fall for second consecutive quarter, 24 July 2026: edgeprop.sg
• SG Properties market data (HDB and URA index series with per-quarter sources): /market

SG Properties is an independent research site and not a licensed estate agency. Flash estimates are provisional and may be revised.