Singapore's HDB resale prices fell 0.2% quarter on quarter in the third quarter of 2026, according to the Housing and Development Board's flash estimate, the third straight quarterly decline even as resale transactions rose.

TL;DR

  • The HDB Resale Price Index flash estimate is 202.4, down 0.2% from the second quarter, after falls of 0.1% in Q1 and 0.3% in Q2 (HDB, 30 September 2026).
  • Resale transactions reached 7,528, up 17.7% on the previous quarter and 5.2% on a year earlier, according to EdgeProp and Business Today respectively.
  • Private home prices rose 1.4% in the same quarter, according to the Urban Redevelopment Authority (URA), so the two markets moved in opposite directions.

What did HDB report for resale prices in Q3 2026?

HDB, the public housing authority, published the flash estimate on 30 September 2026. The Resale Price Index (RPI), which tracks the price movement of HDB resale flats, slipped to 202.4 from 202.8. Business Today reported the cumulative fall over the first nine months at 0.6%, and Mohan Sandrasegeran, head of research and data analytics at SRI, said it would be the weakest nine-month showing since 2018, when prices fell 0.8%. A flash estimate is preliminary and can be revised when final figures are published.

Are more people buying resale flats?

Yes, by volume. EdgeProp reported 7,528 resale transactions, with five-room flats up 23.7% and executive flats up 39% quarter on quarter, per ERA Singapore. Million-dollar flats made up 597 transactions, or 8.5% of resale volume (ERA), and Huttons put the average million-dollar flat price at about S$1.16 million, up 1.1% from S$1.147 million in Q2. EdgeProp also reported a record resale of a five-room flat at The Pinnacle at Duxton for S$1.72 million in September.

Did removing the wait-out period push prices up?

Not visibly so far. The 15-month wait-out period for private property owners buying non-subsidised resale flats was removed on 28 July. HDB said it had not observed a significant increase in prices or purchases by private homeowners, although demand for five-room and larger flats strengthened. Analysts quoted by EdgeProp saw more interest from private homeowners, and ERA's Eugene Lim said cash-rich private owners could be driving demand for million-dollar flats. SRI linked the soft prices to more flats reaching their minimum occupation period and extra supply from Build-to-Order and Sale of Balance Flats exercises.

What do analysts expect next?

Forecasts differ widely. Huttons projects 22,000 to 26,000 resale transactions in 2026 with prices between minus 1% and plus 1%, and expects the market to bottom in Q4. ERA expects about 26,000 transactions and annual price growth of 2% to 5%. These are agency views, not official forecasts, and the final Q3 RPI had not been checked at the time of writing.

Why does it matter for buyers and sellers?

The split between HDB and private prices matters for anyone comparing the two segments. Private prices rose 1.4% in Q3 (see our report at https://propertynewsasia.com/ura-q3-2026-singapore-private-home-prices-rise-1-4-as-developer-sales-fall-to-1-183-units-and-completions-hit-a-two-year-high/), while HDB prices edged down. Supply is also shifting: read how the higher BTO income ceiling and the final 2026 launch affect applicants (https://propertynewsasia.com/hdb-raises-bto-income-ceiling-to-s-16-000-and-moves-its-final-2026-launch-to-november-what-applicants-should-know/) and what the 1,268-unit Thomson Reserve launch means (https://propertynewsasia.com/thomson-reserve-launches-in-q4-what-the-1-268-unit-upper-thomson-condo-means-for-singapore-buyers/). This is not property advice.

Frequently Asked Questions

Are HDB resale prices going up or down in 2026?

Down so far. HDB's flash estimates show falls of 0.1% in Q1, 0.3% in Q2 and 0.2% in Q3 2026.

What is the HDB Resale Price Index?

It is HDB's measure of resale flat price movements, with 1Q2009 set at 100. The Q3 2026 flash estimate is 202.4.

Will resale prices rebound in Q4 2026?

Not confirmed. Huttons expects a bottom in Q4, while ERA expects annual growth, and HDB has not issued a forecast.

Sources and Method

This article rewrites facts from the sources below. We opened HDB's release and independent reports and did not copy their wording.

HDB flash estimate release, 30 September 2026: https://www.hdb.gov.sg/hdb-pulse/news/2026/20261001-Flash-Estimate-of-3rd-Quarter-2026-Resale-Price-Index-and-Upcoming-Flat-Supply

Business Today, 1 October 2026: https://www.businesstoday.com.my/2026/10/01/singapore-hdb-resale-prices-fall-0-2-in-3q-marking-third-straight-quarterly-decline/

EdgeProp Singapore, 1 October 2026: https://www.edgeprop.sg/property-news/hdb-resale-prices-dip-02-q-o-q-3q2026-while-transaction-volumes-surge-hdb-flash-estimates

URA 3Q2026 statistics, 23 October 2026: https://www.ura.gov.sg/news/media/pr26-73/