Overall Price Trends
The HDB resale market continued to experience price moderation in the third quarter of 2026, despite a significant rebound in transaction volumes. Economic uncertainties, a cautious employment outlook and competition from subsidised Build-To-Order (BTO) flats may continue to limit price growth. However, the increase in resale transactions suggests that demand remains resilient, particularly among buyers seeking larger flats or looking to right-size their homes.

Price by flat type
According to HDB's flash estimates, the Resale Price Index (RPI) declined by 0.2 per cent quarter-on-quarter, from 202.8 in Q2 2026 to 202.4 in Q3 2026. This marked the third consecutive quarterly decline, following decreases of 0.1 per cent in Q1 and 0.3 per cent in Q2. Overall, the index fell by approximately 0.6 per cent over the first nine months of 2026, indicating a clear shift from the price growth recorded in previous years.

Resale Volume
Resale transaction volumes rebounded in Q3 2026, reversing the slower activity observed in the previous quarter. The increase may reflect improved buying interest following the moderation in resale prices, alongside changes to housing policies that reduced barriers for private property owners entering the HDB resale market.

According to HDB's flash estimates, resale transactions increased by 17.7 per cent quarter-on-quarter, from 6,396 units in Q2 2026 to 7,528 units in Q3 2026. On a year-on-year basis, transaction volumes rose by 5.2 per cent compared with the 7,157 transactions recorded in Q3 2025. This suggests that market activity strengthened despite the continued decline in the overall resale price index.

Based on resale transaction records available in early October, larger flat types recorded particularly strong increases in sales. Executive flat transactions rose from 385 units in Q2 to 535 units in Q3, while 5-room flat transactions increased from 1,473 to 1,822 units. Sales of 4-room flats also increased substantially, from 2,791 to 3,270 units. In comparison, 3-room flat transactions rose more moderately, from 1,543 to 1,581 units, while 2-room flat transactions increased from 199 to 208 units.

The stronger demand for larger flats may partly reflect increased activity among private homeowners looking to right-size. The removal of the 15-month wait-out period for private property owners and former owners purchasing non-subsidised HDB resale flats, effective from 28 July 2026, may also have supported buyer interest. Nevertheless, the policy change should not be regarded as the sole cause of the increase, as some transactions would have been initiated before the change took effect.

Rental
The HDB rental market continued to provide an important alternative for households that were not ready to purchase a home. Rental demand may be supported by households waiting for their BTO flats to be completed, individuals seeking greater flexibility and tenants who prefer to defer home purchases amid economic uncertainty.

HDB's published Q3 2026 rental statistics provide median rents by town and flat type, allowing rental trends to be assessed across different locations and housing categories. For example, median rents for 4-room flats reached approximately S$4,050 in Queenstown and S$4,000 in Bukit Merah, while Woodlands recorded a median of S$3,000. These differences highlight the influence of location, accessibility and local housing demand on rental values.

However, the number of approved applications to rent out HDB flats in Q3 2026 should be confirmed against HDB's quarterly public housing data before making a quarter-on-quarter or year-on-year comparison. Similarly, the latest available data should be used to determine whether rental demand is strengthening or stabilising, rather than assuming that higher resale transaction volumes necessarily translate into changes in rental activity.

Outlook
HDB resale prices may remain subdued in the final quarter of 2026 as buyers continue to weigh affordability, mortgage commitments and the wider economic outlook. The three consecutive quarterly declines suggest that the market is undergoing a period of price adjustment, although the relatively modest decreases indicate that the correction has so far been gradual.

The availability of new BTO flats will remain an important factor influencing resale demand. HDB plans to launch approximately 7,960 flats in November 2026 across Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun. The continued supply of subsidised housing may encourage eligible first-time buyers to prioritise BTO flats over resale units, particularly when affordability is a major consideration.

At the same time, the rebound in resale transactions, particularly for larger flats, suggests that demand has not weakened uniformly across the market. Buyers who value immediate occupation, established neighbourhoods or specific locations may continue to support resale activity. Consequently, transaction volumes could remain relatively firm even if overall prices continue to face downward pressure.

For the full year, the HDB resale market is likely to remain within a period of price stabilisation or modest correction. Previously reported 2026 forecast of between -1 per cent and 2 per cent price growth provides a reference range, although it should be reviewed against the final Q3 figures and subsequent market developments before being presented as an updated forecast.

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