# HDB Resale Prices Have Fallen For Two Straight Quarters — Here’s One Buyer Trend That Helps Explain Why

- **Source:** Stacked Homes
- **Published:** 2026-07-06T13:09:28.000Z
- **Author:** Sihan Chia
- **Original:** https://stackedhomes.com/hdb-resale-prices-fall-again-2q2026/
- **Topics:** HDB & Public Housing, New Launches, Transactions & Deals

## Featured rationale

Young buyers’ shift toward cheaper BTO options signals greater price sensitivity, which may slow resale growth and lengthen negotiations for newer flats requiring high cash premiums.

## AI summary

HDB resale prices fell 0.3% in Q2 2026 for a second consecutive quarter as transactions dropped nearly 10% year-on-year and younger-flat sales hit a six-year low.

## Original article

Although HDB resale prices slipped by a marginal 0.3% in the second quarter of this year, it is the fall in the total number of resale transactions that stood out. There was a nearly 10% decrease in the total number of resale transactions in 2Q2026 compared to a year ago.

A notable drop in the number of young buyers in the HDB resale market was one of the reasons cited in a market report by Realion (OrangeTee & ETC), which was published on July 6. Christine Sun, chief researcher & strategist, points out that the HDB resale market is highly influenced by domestic economic factors like employment and income growth.

So, even though data from the Ministry of Manpower shows that the overall labour market conditions stayed resilient, total employment growth slowed and retrenchments rose in the first quarter of this year. Sun adds that the dimmer job market and hiring outlook may have prompted buyers to exercise greater caution, resulting in fewer transactions and price falls.

Moreover, the launch of the June 2026 Build-To-Order (BTO) sales exercise likely pulled away most young buyers from the resale market, with several popular projects in Bukit Merah and Bishan significantly oversubscribed.

The appeal of new BTO developments, including some with shorter waiting times of three years, means that fewer resale flats – especially the ones which are less than 10 years old – have been changing hands over the past three months.

In 2Q2026, the number of relatively new resale flats (less than 10 years old) dipped 21.8% y-o-y to 1,222 units transacted, down from the 1,563 units that were transacted during the same time last year.

This is also lower than the proportion of newer resale flats that were sold in 2Q2024 (1,840 units), 2Q2023 (1,767 units), and 2Q2022 (1,780 units) – hitting a six-year low. During the Covid-19 pandemic, the proportion of newer resale HDB flats changing hands hit a dismal 836 transactions in 2Q2020.

Overall, the proportion of HDB resale transactions involving younger flats has also nose-dived, from 28.2% of all resale deals in 2Q2023 to just 19.7% last quarter.

And it’s no wonder that a growing number of young homeowners are turning away from resale alternatives. The average price of younger flats has shot up by 21.2% over the last three years from $619,970 in 2Q2023 to $751,361 in 2Q2026.

By comparison, island-wide average HDB resale prices only increased 15.3%, while the price of flats that are more than 10 years old – but less than 20 years old – rose by 8.8% over the same period.

For a first-time home buyer, the BTO alternatives include options like $534,000 for a four-room flat at Lakeview Cascadia in Bishan, as well as something further afield like $302,000 for a four-room flat in Sembawang, excluding housing grants.

The June 2026 BTO sales exercise saw seven new projects comprising 6,952 flats across five different towns in Bishan, Bukit Merah, Ang Mo Kio, Sembawang and Woodlands.

Given the strong locational attributes and capital appreciation potential, buyers continued to show interest in Bukit Merah despite higher prices compared to other projects and as high as 14% clawback rates for the Prime flats.

Realion noted that demand for Bukit Merah BTO flats (Berlayar Rise) attracted the highest application rates. Over 4,900 applicants are vying for the 988 four-room flats in that BTO development, while its 3-room and bigger flats drew the most number of applicants in the sales exercise at over 5,900 submissions.

Based on ERA data, comparable resale flats nearby are priced between $938,888 to $1.068 million, or about 59% to 80% higher than the starting price of $592,000 at Berlayar Rise before grants. With resale flat options remaining limited, the alternative of purchasing a private condominium would easily cost above $2 million in this area.

However, despite the overall HDB resale price slipping 0.3% q-o-q in 2Q2026, price trends varied across different unit types.

For example, executive flats notched the highest quarterly price gain of 1.4%. But overall, most flat types recorded marginal gains: three-room flats (0.1%), four-room flats (0.5%), and five-room flats (0.3%). Only two-room flats saw a quarterly price decline of 0.3%.

Across Singapore, 16 towns registered quarterly price declines, which outnumbered the 10 other towns that recorded price increases. But even then, a majority of the towns that posted gains registered price growth of less than 5%.

The most significant price declines was seen in Serangoon (-7.9%), Marine Parade (-7.6%), Geylang (-6.9%), Ang Mo Kio (-5.1%), Sembawang (-3.3%) and Yishun (-2.7%).

On the other hand, the towns that saw the most significant price gains were the Central Area (19.7%), Clementi (4.5%), Jurong East (4%), Queenstown (4%) and Woodlands (3%).

In the Central region, the top two towns are Queenstown and the Central Area (CTA).

For three-room flats, Queenstown saw the highest average resale selling price of $566,941, followed by $552,627 in the Central Area

For four-room flats, the highest average resale selling price was in the Central Area at $1,160,407 followed by $1,005,869 at Queenstown.

For five-room flats, the Central Area saw the highest average resale selling price at $1,329,167, followed by $1,224,491 in Queenstown.

In the East, the top two towns are Pasir Ris and Tampines.

Pasir Ris saw the highest average resale selling price for three-room flats at $614,250, followed by Tampines at $496,163

Tampines saw the highest average resale selling price for four-room flats at $690,319, followed by Bedok at $673,888

Bedok saw the highest average resale selling price for five-room flats at $859,164, followed by Tampines at $837,651

In the North, the top two towns are Sembawang and Yishun.

Sembawang saw the highest average resale selling price for three-room flats at $521,817, followed by Yishun at $436,604

Sembawang also saw the highest average resale selling price for four-room flats at $611,577, followed by Woodlands at $554,473

Yishun saw the highest average resale selling price for five-room flats at $696,284 followed by Woodlands at $665,335

In the West, the top two towns are Clementi and Bukit Batok.

Clementi saw the highest average resale selling price for three-room flats at $475,822 followed by Bukit Panjang at $454,579

Clementi also saw the highest average resale selling price for four-room flats at $841,420, followed by Bukit Batok at $626,496

The highest average resale selling price for five-room flats was at Clementi at $1,193,538, followed by Bukit Batok at $799,699.

In the North-East, the top two towns are Ang Mo Kio and Serangoon.

Punggol saw the highest average resale selling price for three-room flats at $544,642, followed by Sengkang at $539,723

Ang Mo Kio saw the highest average resale selling price for four-room flats at $741,440, followed by Serangoon at $678,802

Ang Mo Kio saw the highest average resale selling price for five-room flats at $996,522, followed by Serangoon at $852,272

Meanwhile, million-dollar HDB sales continue to dominate the top-end of the resale market. There were 491 million-dollar flats sold in 2Q2026, which is an increase compared to the 411 million-dollar flats that changed hands in the first three months of this year. A five-room flat at SkyTerrace @ Dawson was the most expensive resale unit sold last quarter.

In addition, as the record HDB resale price continues to creep higher, we need to raise the bar and take a look at flats sold for over $1.5 million.

In this category, 31 transactions were recorded in the first half of 2026. The Central Area (Cantonment Road – Pinnacle @ Duxton) accounted for the highest number of these transactions (nine units), followed by Bukit Merah and Toa Payoh (five units each).

Other towns with multiple transactions over $1.5 million included Clementi and Queenstown (four units each) and Bishan (three units).

Looking ahead, as more buyers pivot away from pricey new resale flats in mature estates toward more affordable BTO or older resale flats, this flight towards more affordable housing options will continue to impact the HDB resale market.

Another factor which will slow down resale price growth is the fact that fewer buyers will be willing to pay out of pocket for high Cash-Over-Valuation (COV). Deals will also take longer to close as consumers take time to compare options.

## Chinese translation

> Translation model: grok_cli

### 组屋转售价连续两个季度下跌——一种买家趋势有助于解释原因

2026年第二季度组屋转售价下跌0.3%，为连续第二个季度下滑，年轻买家参与的转售组屋交易量触及六年来低点。16个市镇价格下跌，10个市镇上涨，以中央区领涨。以下是数据对2026年剩余时间组屋转售价走向的启示。

尽管今年第二季度组屋转售价仅小幅下滑0.3%，但更引人注目的是转售交易总量的下降。与一年前相比，2026年第二季度转售交易总量减少了近10%。

Realion（OrangeTee & ETC）于7月6日发布的市场报告指出，组屋转售市场中年轻买家数量显著下降，是原因之一。首席研究员兼策略师Christine Sun指出，组屋转售市场深受就业和收入增长等国内经济因素影响。

因此，尽管人力部数据显示整体劳动力市场状况保持韧性，但今年第一季度总就业增长放缓，裁员有所上升。Sun补充说，黯淡的就业市场和招聘前景可能促使买家更加谨慎，导致交易减少和价格下跌。

此外，2026年6月预购组屋（BTO）发售活动的推出，很可能把大部分年轻买家从转售市场抽走，红山和碧山多个热门项目均出现显著超额认购。

新建预购组屋项目的吸引力——包括部分等候期仅约三年的项目——意味着过去三个月内，较少年份的转售组屋（尤其是楼龄不足10年的单位）成交量减少。

2026年第二季度，相对较新的转售组屋（楼龄不足10年）成交量同比下降21.8%，至1,222个单位，低于去年同期成交的1,563个单位。

这也低于2024年第二季度（1,840个单位）、2023年第二季度（1,767个单位）和2022年第二季度（1,780个单位）较新转售组屋的成交比例——触及六年来低点。新冠疫情期间，较新转售组屋易手数量在2020年第二季度曾低至836宗，表现惨淡。

整体而言，涉及较年轻组屋的转售交易占比也大幅下滑，从2023年第二季度占全部转售交易的28.2%，降至上季度仅19.7%。

越来越多年轻屋主转向远离转售替代选择，也就不足为奇。较年轻组屋的平均价格在过去三年上涨了21.2%，从2023年第二季度的619,970新元升至2026年第二季度的751,361新元。

相比之下，全岛组屋转售平均价格仅上涨15.3%，而楼龄超过10年但不足20年的组屋，同期价格仅上涨8.8%。

对首次购房者而言，预购组屋替代方案包括：碧山Lakeview Cascadia四房式约534,000新元，以及较远地区如三巴旺四房式约302,000新元（不含住房津贴）。

2026年6月预购组屋发售活动推出七个新项目，共6,952套组屋，分布在碧山、红山、宏茂桥、三巴旺和兀兰五个市镇。

鉴于优越的区位属性和资本增值潜力，买家仍对红山表现出兴趣，尽管价格高于其他项目，且黄金地段组屋的回扣率（clawback）可高达14%。

Realion指出，红山预购组屋（Berlayar Rise）的需求吸引了最高申请率。逾4,900名申请者竞逐该预购组屋项目中的988套四房式单位，而其三房式及更大单位则吸引了本次发售中最多的申请者，超过5,900份申请。

根据ERA数据，附近可比转售组屋价格介于938,888新元至106.8万新元，比Berlayar Rise起价592,000新元（获津贴前）高出约59%至80%。在转售组屋选择有限的情况下，该区购买私人共管公寓的替代方案轻易就会超过200万新元。

不过，尽管2026年第二季度组屋转售价整体环比下滑0.3%，不同单位类型的价格走势并不一致。

例如，执行式组屋录得最高季度涨幅1.4%。但整体上，多数户型仅录得小幅上涨：三房式（0.1%）、四房式（0.5%）和五房式（0.3%）。仅两房式录得季度价格下跌0.3%。

全岛16个市镇录得季度价格下跌，多于录得价格上涨的另外10个市镇。即便如此，多数录得涨幅的市镇价格增长仍低于5%。

价格跌幅最显著的是实龙岗（-7.9%）、马林百列（-7.6%）、芽笼（-6.9%）、宏茂桥（-5.1%）、三巴旺（-3.3%）和义顺（-2.7%）。

另一方面，价格涨幅最显著的市镇是中央区（19.7%）、金文泰（4.5%）、裕廊东（4%）、女皇镇（4%）和兀兰（3%）。

在中部地区，排名前两位的市镇是女皇镇和中央区（CTA）。

三房式方面，女皇镇平均转售价最高，为566,941新元，其次是中央区的552,627新元。

四房式方面，平均转售价最高的是中央区，为1,160,407新元，其次是女皇镇的1,005,869新元。

五房式方面，中央区平均转售价最高，为1,329,167新元，其次是女皇镇的1,224,491新元。

在东部，排名前两位的市镇是巴西立和淡滨尼。

巴西立三房式平均转售价最高，为614,250新元，其次是淡滨尼的496,163新元。

淡滨尼四房式平均转售价最高，为690,319新元，其次是勿洛的673,888新元。

勿洛五房式平均转售价最高，为859,164新元，其次是淡滨尼的837,651新元。

在北部，排名前两位的市镇是三巴旺和义顺。

三巴旺三房式平均转售价最高，为521,817新元，其次是义顺的436,604新元。

三巴旺四房式平均转售价也最高，为611,577新元，其次是兀兰的554,473新元。

义顺五房式平均转售价最高，为696,284新元，其次是兀兰的665,335新元。

在西部，排名前两位的市镇是金文泰和武吉巴督。

金文泰三房式平均转售价最高，为475,822新元，其次是武吉班让的454,579新元。

金文泰四房式平均转售价也最高，为841,420新元，其次是武吉巴督的626,496新元。

五房式平均转售价最高的是金文泰，为1,193,538新元，其次是武吉巴督的799,699新元。

在东北部，排名前两位的市镇是宏茂桥和实龙岗。

榜鹅三房式平均转售价最高，为544,642新元，其次是盛港的539,723新元。

宏茂桥四房式平均转售价最高，为741,440新元，其次是实龙岗的678,802新元。

宏茂桥五房式平均转售价最高，为996,522新元，其次是实龙岗的852,272新元。

与此同时，百万新元组屋销售继续主导转售市场的高端区间。2026年第二季度共有491套百万新元组屋售出，高于今年前三个月易手的411套百万新元组屋。上季度最昂贵的转售单位是SkyTerrace @ Dawson的一套五房式。

此外，随着组屋转售纪录价格持续攀升，我们需要提高门槛，关注售价超过150万新元的组屋。

在这一类别中，2026年上半年录得31宗交易。中央区（Cantonment Road——The Pinnacle@Duxton）占此类交易数量最多（九个单位），其次是红山和大巴窑（各五个单位）。

其他有多宗超过150万新元交易的市镇包括金文泰和女皇镇（各四个单位）以及碧山（三个单位）。

展望未来，随着更多买家从成熟市镇中昂贵的较新转售组屋，转向更可负担的预购组屋或较旧转售组屋，这种向更可负担住房选项的流动将继续影响组屋转售市场。

另一个将放缓转售价格增长的因素是：愿意自掏腰包支付高额现金溢价（Cash-Over-Valuation，COV）的买家将减少。交易完成时间也会更长，因为消费者需要时间比较各种选择。