HDB resale transactions hit a two-year high in Q3 2026, as prices continue to decline

In the third quarter of 2026, HDB resale transactions climbed to their highest quarterly level since 2024. However, prices slipped for a third consecutive quarter as more flats changed hands in the resale market.

HDB resale transactions rise as prices dip for third consecutive quarter

“The HDB resale market continued to stabilise in Q3 2026, with resale prices declining marginally by 0.1% quarter-on-quarter, marking the third consecutive quarter of decline,” said Luqman Hakim, Chief Data & Analytics Officer at 99.co. 

This brings the cumulative decline to 0.5% in the first nine months of 2026. Despite this, transaction volumes rose by 19.5% quarter-on-quarter and 5.9% year-on-year to 7,645 units, suggesting that underlying demand remains healthy even as prices moderate.

At 7,645 units, this was the highest quarterly transaction volume since Q3 2024, when 8,142 flats changed hands.

The increase was particularly pronounced among larger flats. HDB recorded 1,867 5-room resale transactions, up 26.7% QOQ, while executive and multi-generation flats saw transactions rise 41.6% to 545 units.

The removal of the 15-month wait-out period for private property owners and former private property owners buying non-subsidised HDB resale flats in July was one factor supporting demand. The change gave eligible households greater flexibility to move into the resale market without waiting an additional 15 months.

The absence of a BTO launch during the quarter and seasonal factors also influenced activity. Together, these factors may have encouraged some households to turn to resale flats, particularly when they needed a home sooner or preferred a larger unit.

Punggol, Sengkang, Tampines, Woodlands and Yishun were the five most popular HDB towns by transaction volume. Together, they accounted for around 36.6% of all resale transactions in Q3.

Million-dollar HDB resale flats reach a new high

The moderation in overall HDB resale prices has not prevented selected flats from commanding high prices.

“A record 596 million-dollar flats were transacted in Q3 2026, bringing the year-to-date total to 1,685 units. This suggests that buyers are still willing to pay a premium for flats with desirable attributes, even as the broader market stabilises,” Luqman Hakim explained.

This was also the first quarter in which million-dollar resale transactions exceeded 500 units. If the pace continues, the total could reach 2,000 units by the end of the year.

At the higher end of the market, 26 resale flats transacted for more than S$1.5 million during the quarter. These deals were concentrated in towns including Queenstown, Bishan, the Central Area, Clementi and Toa Payoh.

HDB resale prices remain broadly stable across common flat types

Outside the million-dollar segment, resale prices were relatively steady in Q3.

Median prices for 4-room flats stood at S$628,000, little changed from S$630,000 a year earlier. 5-room flats recorded a median price of S$740,944, up slightly from S$738,000 in Q2.

Three-room flats saw a larger quarterly decline, with median prices falling 1.1% to S$435,000. 2-room flats also eased 2.1% to S$370,000, while executive flats recorded a median price of S$920,000, unchanged from the previous quarter.

The figures suggest that the increase in transaction volume has not translated into broad-based price growth. Instead, buyers appear to be transacting more frequently while remaining selective about what they are willing to pay.

Town-level performance also varied. Nine of the 26 HDB towns recorded price declines in Q3. The Central Area saw the largest fall at 8.4%, followed by Ang Mo Kio at 4.7% and Jurong East at 4.3%.

This variation reinforces the need to look beyond the overall resale price index when assessing individual flats. Town, flat type, age and remaining lease can all influence transaction prices.

More housing options could temper HDB resale demand

The HDB resale market may face additional competition in the final quarter of 2026 as more subsidised housing options become available.

The November 2026 BTO exercise is expected to offer 7,690 flats in locations including Bayshore and Toa Payoh. The higher income ceiling for BTO flats following recent policy changes could also redirect some prospective buyers towards new flats instead of larger, higher-priced resale units.

The market’s near-term performance will therefore depend on the balance between these competing options, as well as the extent to which buyers remain constrained by affordability.

“The increasing supply of flats reaching their Minimum Occupation Period (MOP) could help moderate prices. Around 13,484 flats are expected to reach MOP in 2026, nearly double the 6,973 units in 2025, with a further increase to 18,939 units in 2027,” Luqman Hakim added.

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