Compared to January, the second month of the year saw a clear seasonal slowdown in the HDB resale market. Transaction volumes fell, yet prices held firm. The contrast suggests that buyers have not left the market. Instead, many appear to have pressed pause amid festive and religious commitments.
Table of contents
- HDB resale volumes fell 29% month-on-month
- Prices held steady despite softer activity
- Million-dollar flats dipped but remain significant
- Market outlook
HDB resale volumes fell 29% month-on-month
Resale activity slowed significantly in February, with 1,670 flats transacted. That represents a 29% month-on-month drop and a 20.6% decline compared to the same period last year. The pullback aligns with historical trends. Over the past five years, February has often recorded double-digit or near double-digit declines.
As Mr Luqman Hakim, Chief Data & Analytics Officer at 99.co noted, the drop in volume is not entirely unexpected. “February coincided with both Chinese New Year (CNY) and the start of Ramadan, periods that traditionally see reduced house-hunting activity as families prioritise festive and religious commitments. The shorter month also naturally compresses transaction timelines.”
He added that recent BTO exercises may have drawn some demand away from the resale market, especially among first-time buyers who might otherwise have entered the secondary market. Importantly, he emphasised that February’s decline appears seasonal rather than structural.
From a breakdown perspective, 4-room flats continued to dominate activity in February 2026. They accounted for 45.1% of total resale volume. Meanwhile, 3-room flats formed 24.4%, 5-room flats made up 23.9%, and Executive flats contributed 6.6%.
In terms of location, Non-Mature Estates represented 59.6% of total resale transactions, while Mature Estates accounted for 40.4%. This split reinforces the continued appeal of more affordable, larger-format homes outside central locations.
Prices held steady despite softer activity
While volumes declined, prices showed resilience. The HDB Resale Price Index remained unchanged month-on-month at 209.7 in February, matching January’s figure.
As Mr Luqman observed, “Overall resale prices were broadly stable, with a modest 1.5% year-on-year increase”. This gain signals stability rather than exuberance. It also suggests that sellers have not resorted to aggressive price cuts despite fewer transactions. “Even with softer volumes, price stability suggests that underlying demand has not weakened, but rather paused amid seasonal factors,” he added.
By flat type, 4-room units stood out. Their prices rose 0.4% month-on-month and 2.7% year-on-year. In contrast, 3-room, 5-room, and Executive flats saw slight monthly declines of 0.8%, 0.4%, and 0.4%, respectively. On an annual basis, 5-room flats still managed a 0.8% increase, while 3-room and Executive units dipped marginally.
This divergence suggests that demand remains strongest in the mass-market sweet spot of 4-room flats, which balance affordability and space.
A closer look at estate performance reveals a mixed picture. Prices in Mature Estates edged up 0.3% month-on-month, while Non-Mature Estates saw a 0.5% decline. On a year-on-year basis, however, both segments recorded growth. Mature Estates rose 1.9%, and Non-Mature Estates increased 1.2%.
Median HDB resale price in February 2026
Million-dollar flats dipped but remain significant
The number of million-dollar resale flats fell in February. A total of 122 such transactions took place, down from 146 in January. Even so, million-dollar transactions remain a meaningful segment of the market.
These high-value deals represented 7.3% of total resale volume for the month. Despite the dip in overall activity, February recorded a higher percentage of million-dollar flats compared to January (6.2%).
Towns such as Toa Payoh led the pack with 18 million-dollar deals. Bukit Merah and Queenstown followed closely, each recording 17 such transactions.
The highest transacted price in February reached S$1.7 million for a 5-room flat at SkyTerrace @ Dawson in Queenstown. This resale deal is now officially the most expensive HDB flat ever sold in Singapore. The transacted unit sits on a mid-floor between the 19th and 21st storeys and measures 1,313 sqft.
The lease for SkyTerrace @ Dawson commenced in 2016, leaving about 89 years remaining. For buyers concerned about lease decay, that still offers a long runway compared to many resale options in older parts of Queenstown.
In Non-Mature Estates, the top deal of the month came from Punggol Drive, where a 5-room flat changed hands for S$1.47 million. These figures show that well-located flats with strong attributes continue to command premium prices, even in a slower month.
Market outlook
February’s HDB resale market data points to a temporary cooling rather than a market reversal. Festive seasons, a shorter calendar month, and BTO launches all likely contributed to lower transaction volumes. However, stable prices and a steady share of million-dollar flats suggest that underlying demand remains intact. Buyers may simply have delayed decisions rather than withdrawn altogether. If past trends hold, activity could rebound in the coming months as market participants return after the festive period.
The post February 2026 saw seasonal dip in HDB resale activity as prices held firm appeared first on .
