# HDB resale prices dip 0.1% in third quarter; private home prices rise 1.4%

- **Source:** Channel NewsAsia
- **Published:** 2026-10-23T03:49:09.000Z
- **Author:** Renee Kuek
- **Original:** https://www.channelnewsasia.com/singapore/hdb-resale-ura-private-price-q3-6485131
- **Topics:** HDB & Public Housing, Private Residential, Government & Policy

## Featured rationale

The divergence signals healthy demand for appropriately priced HDB flats and firmer private-home pricing in selected segments, while expanding supply may moderate future price pressure.

## AI summary

HDB resale prices fell 0.1% despite a 19.5% volume increase in Q3 2026, while private home prices rose 1.4% as transactions declined 16.3%.

## Original article

SINGAPORE: Housing and Development Board (HDB) resale flat prices fell 0.1 per cent in the third quarter of 2026 , while private home prices rose 1.4 per cent. The decline marked the third straight quarter of falling HDB resale prices, while private home price growth accelerated from 0.5 per cent in the previous quarter, according to data from HDB and the Urban Redevelopment Authority (URA) released on Friday (Oct 23). HDB resale prices fell even as transaction volume rose 19.5 per cent in the third quarter. Meanwhile, overall private home transactions fell 16.3 per cent to 5,146 units in Q3, with developers selling 1,183 new private homes, excluding executive condominiums (ECs) - down 44.7 per cent from the previous quarter. HDB RESALE VOLUME JUMPS Resale volume in the third quarter rose 19.5 per cent to 7,645 transactions, from 6,396 in the previous quarter. This was also 5.9 per cent higher than the 7,221 transactions recorded in the third quarter of 2025. It was the highest quarterly resale transaction volume since the third quarter of 2024, said Singapore Realtors Inc (SRI) head of research and data analytics Mohan Sandrasegeran. The increase in resale activity suggests that underlying demand for resale HDB flats remains relatively healthy as prices entered a more measured phase of adjustment in 2026, he said. “This could indicate that buyers are continuing to participate actively in the resale market, particularly where flats are appropriately priced and offer attributes that align with their housing needs and financial considerations,” Mr Sandrasegeran added. HDB said it has not observed a significant increase in either the prices or number of resale flats bought by private residential property owners and former owners since the 15-month wait-out period was removed in July. The rule had required private property owners and former owners to wait 15 months after selling their property before they could buy a non-subsidised HDB resale flat. At the upper end of the market, 596 HDB resale flats were sold for at least S$1 million in the third quarter, a new quarterly record, according to ERA's analysis of public transaction data. That was up 21.6 per cent from 490 such transactions in the previous quarter. “Despite the growing number of million-dollar deals, the segment remains niche,” ERA Singapore key executive officer Eugene Lim said, noting that such flats accounted for about 7.8 per cent of all resale transactions in the quarter. As a growing pipeline of HDB flats reaches their minimum occupation period (MOP), the pool of resale flats available in the market is expected to progressively expand, Mr Sandrasegeran said. HDB will also continue to roll out a steady supply of new flats, with about 7,960 flats to be launched in the upcoming Build-to-Order (BTO) exercise in November. Mr Lim said a growing supply of flats reaching their MOP and a strong BTO pipeline should help meet demand even if more private property owners choose to right-size into HDB flats. The monthly household income ceiling for BTO flats, which was raised from S$14,000 to S$16,000 in August , could also steer eligible buyers towards BTO flats, “further easing upward pressure on resale prices”, he added.

PRIVATE HOME PRICES The 1.4 per cent increase was the fastest quarterly rise in nearly two years, with the previous high of 2.3 per cent recorded in the fourth quarter of 2024, said Ms Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group. Landed property prices increased 2.9 per cent, following a 2.5 per cent increase in the previous quarter. Prices of non-landed properties rose 1 per cent, after falling 0.1 per cent in the second quarter. Prices of non-landed properties in the Outside Central Region rose 2.3 per cent, reversing a 0.1 per cent decline in the previous quarter. Non-landed property prices in the Core Central Region increased by 0.3 per cent, while prices of non-landed properties in the Rest of Central Region remained unchanged in the third quarter. ERA Singapore CEO Marcus Chu said gains in landed homes and non-landed properties in the Outside Central Region had supported the overall increase. “This suggests that demand remained firm for certain segments and locations, even as fewer homes changed hands overall,” he said. Developers launched 1,140 private residential units, excluding ECs, in the third quarter, down from 1,783 in the previous quarter. They sold 1,183 units, compared with 2,141 previously. “The moderation in transaction volumes was largely attributable to a quieter new launch calendar rather than a fundamental shift in underlying buyer demand,” Mr Sandrasegeran said. Meanwhile, there were 3,801 private home resale transactions in the third quarter, accounting for 73.9 per cent of all private residential sales, up from 62 per cent in the previous quarter.

MORE PRIVATE HOUSING SUPPLY AHEAD A total of 3,559 private residential units, including ECs, were completed in the third quarter, up from 1,212 units completed last quarter. This was the highest quarterly completion recorded since the third quarter of 2024, URA said. At the end of Q3, 20,300 of the 44,738 private residential and EC units with planning approval remained unsold. Together with 12,508 unsold units that had yet to receive planning approval, about 32,800 units could be made available for sale over the next one to two years, URA said. Based on the expected completion dates reported by developers, about 57,200 private housing units are expected to be completed in the coming years. Including ECs, these comprise about 22,300 units expected for completion by 2028 and about 34,900 units expected to be completed from 2029 onwards. PROPERTY MARKET OUTLOOK “We expect private residential property prices to increase by approximately 3.0 per cent to 3.5 per cent for the full year 2026,” said Mr Sandrasegeran. New private home sales are expected to reach about 7,000 to 8,000 units for the full year, excluding ECs, he added. SRI also expects HDB resale prices to remain broadly stable for the year, with full-year movements ranging between a 1 per cent decline and a 1 per cent increase. ERA, meanwhile, expects HDB resale activity to remain healthy through the end of the year. “Barring any unforeseen circumstances, HDB resale transactions could reach around 26,000 units by year-end,” said Mr Lim. Both HDB and URA said the macroeconomic outlook remained highly uncertain, including for global and domestic interest rates. They advised households to exercise prudence when buying property and taking out mortgage loans.

## Chinese translation

> Translation model: grok_cli

### 组屋转售价格第三季度下跌0.1%；私宅价格上涨1.4%

尽管第三季度成交量上升19.5%，组屋转售价格仍然下跌。相关数据于周五（10月23日）公布。

新加坡：建屋发展局（HDB）转售组屋价格在2026年第三季度下跌0.1%，私宅价格则上涨1.4%。此次下跌标志着组屋转售价格连续第三个季度下滑，而私宅价格涨幅较上一季度的0.5%有所加快。上述数据由建屋发展局与市区重建局（URA）于周五（10月23日）发布。尽管第三季度成交量上升19.5%，组屋转售价格仍然下跌。与此同时，第三季度整体私宅成交下降16.3%，至5,146个单位；发展商售出1,183个新私宅（不包括执行共管公寓），较上一季度下降44.7%。组屋转售成交量跃升。第三季度转售成交量上升19.5%，由上一季度的6,396宗增至7,645宗。这也比2025年第三季度录得的7,221宗高出5.9%。Singapore Realtors Inc（SRI）研究与数据分析主管Mohan Sandrasegeran表示，这是自2024年第三季度以来最高的单季转售成交量。他说，转售活动增加表明，随着价格在2026年进入更为克制的调整阶段，转售组屋的基本需求依然相对健康。Sandrasegeran补充说：“这可能表明，买家仍在积极参与转售市场，尤其是在组屋定价合理、且其条件符合自身住房需求与财务考量的情况下。”建屋发展局表示，自7月取消15个月等待期以来，并未观察到私人住宅业主及前业主购买转售组屋的价格或数量出现显著增加。该规定此前要求私人房产业主及前业主在出售房产后等待15个月，方可购买非补贴转售组屋。根据ERA对公开交易数据的分析，在市场高端，第三季度有596个转售组屋以至少100万新元售出，创下新的单季纪录。这较上一季度的490宗此类交易增加21.6%。ERA新加坡关键执行官Eugene Lim表示：“尽管百万新元交易越来越多，这一板块仍然属于小众。”他指出，此类组屋约占该季度所有转售交易的7.8%。Sandrasegeran表示，随着越来越多组屋达到最低居住年限（MOP），市场上可供转售的组屋数量预计将逐步扩大。建屋发展局也将继续推出稳定的新组屋供应，即将于11月举行的预购组屋（BTO）销售活动将推出约7,960个单位。Lim表示，达到最低居住年限的组屋供应不断增加，加上充足的预购组屋项目储备，即便更多私人房产业主选择调整住房规模、转入组屋，也应有助于满足需求。他补充说，预购组屋的家庭月收入上限已于8月从14,000新元上调至16,000新元，这也可能引导符合条件的买家转向预购组屋，“进一步缓解转售价格的上行压力”。

私宅价格。Realion（OrangeTee & ETC）集团首席研究员兼策略师Christine Sun表示，1.4%的涨幅是近两年来最快的单季升幅，此前的高点为2024年第四季度录得的2.3%。有地住宅价格上涨2.9%，上一季度的涨幅为2.5%。非有地住宅价格上涨1%，而第二季度曾下跌0.1%。中央区以外非有地住宅价格上涨2.3%，扭转了上一季度0.1%的跌幅。核心中央区非有地住宅价格上涨0.3%，中央区其余地区非有地住宅价格在第三季度则保持不变。ERA新加坡首席执行官Marcus Chu表示，有地住宅以及中央区以外非有地住宅的上涨支撑了整体升幅。他说：“这表明，即便整体转手的住宅减少，某些细分市场和地点的需求依然稳健。”发展商在第三季度推出1,140个私人住宅单位（不包括执行共管公寓），低于上一季度的1,783个。售出数量为1,183个，此前为2,141个。Sandrasegeran表示：“成交量放缓，主要是因为新盘推出日程较为清淡，而不是买家基本需求发生了根本性转变。”与此同时，第三季度有3,801宗私宅转售交易，占所有私人住宅销售的73.9%，高于上一季度的62%。

未来更多私人住房供应。第三季度共有3,559个私人住宅单位（包括执行共管公寓）竣工，高于上一季度竣工的1,212个单位。市区重建局表示，这是自2024年第三季度以来最高的单季竣工量。截至第三季度末，已获规划批准的44,738个私人住宅及执行共管公寓单位中，仍有20,300个未售出。再加上尚未获得规划批准的12,508个未售单位，未来一至两年内约有32,800个单位可供出售，市区重建局表示。根据发展商报告的预计竣工日期，未来数年预计将有约57,200个私人住房单位竣工。包括执行共管公寓在内，其中约22,300个单位预计在2028年年底前竣工，约34,900个单位预计自2029年起竣工。房地产市场展望。“我们预计2026年全年私人住宅价格将上涨约3.0%至3.5%。”Sandrasegeran说。他补充说，全年新私宅销量预计约为7,000至8,000个单位（不包括执行共管公寓）。SRI还预计，今年组屋转售价格将大体保持稳定，全年变动介于下跌1%至上涨1%之间。与此同时，ERA预计组屋转售活动将在年底前保持健康。Lim表示：“若无不可预见的情况，组屋转售交易到年底可能达到约26,000个单位。”建屋发展局和市区重建局均表示，宏观经济前景仍然高度不确定，全球及国内利率也是如此。他们建议家庭在购买房地产和申请住房贷款时保持审慎。