3Q 2026 HDB Quarterly Report: More HDB Flats Change Hands as Resale Prices Continue to Soften

According to the Housing and Development Board (HDB)’s quarterly figures, HDB resale prices fell in 3Q 2026, with the HDB Resale Price Index (RPI) moderating by a further 0.1% quarter-on-quarter (q-o-q) to 202.5. Following the 0.3% q-o-q decline in 2Q 2026, this latest figure marks the RPI’s third consecutive quarter of negative growth this year. 

In contrast, resale HDB transactions continued to climb in 3Q 2026, rising sharply by 19.5% q-o-q to reach 7,645 units. This is also 5.9% higher than the 7,221 deals in the same period a year ago. 

Chart 1: HDB RPI vs Number of Resale Applications

Source: HDB, ERA Research and Market Intelligence

“The current trend of falling prices and rising transaction volumes reflects growing buyer confidence in a cooler market,” said Eugene Lim, Key Executive Officer, ERA Singapore. “If this trend continues, resale activity could strengthen further as a buyer-friendly environment improves affordability for first-timers and upgraders.”

“A growing MOP flat supply and a strong BTO pipeline should help meet demand, even if more private-property owners choose to right-size after the removal of the 15-month wait-out rule. The higher $16,000 monthly household income ceiling could also steer demand from eligible buyers towards BTO flats, further easing upward pressure on resale prices.”

Volume of Million-Dollar HDB Resale Flat Deals Exceeds 500 Transactions

“Million-dollar flat transactions reached a new quarterly high, surpassing 500 units for the first time. At least 596 resale flats changed hands for at least $1 million in 3Q 2026, up 21.6% q-o-q from the 490 units recorded in 2Q 2026. This was also 24.2% higher than the 480 units recorded in 3Q 2025.”  

“The tally of million-dollar flats stands at 1,497 units as of 3Q 2026, 20.4% higher than the 1,243 units recorded in the same period in 2025.” 

“Despite the growing number of million-dollar deals, the segment remains niche, with such flats accounting for roughly 7.8% of all resale transactions in the quarter.” 

Chart 1: Resale HDB Flat Transactions priced at $1M and above

Source: HDB, data.gov.sg (as of 23 October 2026), ERA Research and Market Intelligence

“Mature estates continued to account for the most million-dollar flats, with 528 transactions, or 88.6% of all such deals in 3Q 2026. On a town level, Toa Payoh led the market with 93 million-dollar flat transactions, followed by Queenstown and Bukit Merah with 86 and 56 deals, respectively.”

Chart 2: Breakdown of million-dollar HDB resale flats by age (3Q 2026)

Source: HDB, data.gov.sg (as of 23 October 2026), ERA Research and Market Intelligence

“Nearly half of all million-dollar HDB transactions in 3Q 2026 involved resale flats aged 15 years or less, with 299 deals, or 50.2% of the total. This was followed by flats aged 26 to 35 years, which accounted for 109 transactions, or 18.3%, and those aged 36 to 45 years, which made up 93 deals, or 15.6%.”
“Of the 26 flats that sold for $1.5 million or more, 18 units (69.2%) were 15 years old or younger. These flats comprised exclusively of five-room and executive units located in Bishan, Bukit Merah, Clementi, Kallang/Whampoa, Queenstown, Toa Payoh, and the Central Area.”

“Younger flats have been a mainstay of million-dollar deals, as their newer condition and longer remaining leases offer greater appeal.”

Median prices continue to grow across towns

“The highest median resale prices for 3-room flats were recorded in Punggol and Sengkang, both at $540,000. For 4-room and 5-room flats, Queenstown and Ang Mo Kio recorded the highest median prices at $1,065,000 and $995,500, respectively. Serangoon recorded the highest median resale price for executive flats at $1,130,000.”

“Median prices for 3-room flats rose the most in Geylang, up 8.2% q-o-q from $358,000 to $387,500. For 4-room flats, Geylang also recorded the largest quarterly increase, with median prices up 8.1% q-o-q to $767,500 from $710,000. For 5-room and executive flats, the largest quarterly increases were recorded in Hougang and Pasir Ris, respectively, with prices rising 12.3% from $720,500 to $809,900 and 2.3% from $909,000 to $930,000.”

Rental activity slows down on the quarter

Rental activity slowed in 3Q 2026, with approved HDB rental applications falling to 9,381 cases, down 6.2% q-o-q from 10,002 cases in 2Q 2026. This figure is also below the 10,123 applications recorded in 3Q 2025.

The Central Area remained the priciest for HDB flat rentals, with median rents of $3,300 (3-room) and $4,800 (4-room). Meanwhile, 5-room rents were the highest in Bukit Merah and Queenstown, both at $4,500. 

Outlook for 2026

“Given that this is the third quarterly decline in HDB resale prices, we may see a slight year-on-year dip if the current trend of moderation continues. However, resale demand should remain resilient, supported by buyers responding to a more balanced market.”

“HDB has also rolled out 11,644 BTO and 4,320 SBF flats across the first two sales exercises of the year, with another 7,960 BTO units in November. This keeps HDB’s full-year target of 19,600 BTO flats within reach and expands choices for non-urgent buyers looking at upcoming BTO projects in Bedok, Geylang, Sembawang, Tengah, Toa Payoh, and Yishun.” 

“Barring any unforeseen circumstances, HDB resale transactions could reach around 26,000 units by year-end. This would reflect sustained public housing demand, even amid headwinds such as softer employment conditions and inflation driven by higher energy costs.”

END

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Eugene Syn
PR Manager
eugene.syn@era.com.sg