# Weaker jobs outlook dims HDB resale market as prices, volume slip further in Q2

- **Source:** The Business Times
- **Published:** 2026-07-01T05:59:33.000Z
- **Author:** Chong Xin Wei
- **Original:** https://www.businesstimes.com.sg/property/weaker-jobs-outlook-dims-hdb-resale-market-prices-volume-slip-further-q2
- **Topics:** HDB & Public Housing, Transactions & Deals, Regional Markets

## Featured rationale

The slowdown signals greater buyer caution amid weaker employment prospects and ample housing options, potentially extending selling times and restraining price growth.

## AI summary

HDB resale prices fell 0.3 per cent in Q2, while transaction volumes declined 10.2 per cent year-on-year to 6,268 units.

## Original article

[SINGAPORE] Growing caution among homebuyers facing a softer labour market and macroeconomic uncertainty dampened the resale market for Singapore public housing, with prices falling for a second straight quarter.

Resale flat prices fell 0.3 per cent in Q2 after dipping 0.1 per cent in the prior quarter. Transaction volumes shrank 10.2 per cent to 6,268 units, from 6,981 in the year-ago period, based on flash estimates released by the Housing & Development Board (HDB) on Wednesday (Jul 1).

Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group, said: “Even as the overall labour market conditions stayed largely resilient, total employment growth slowed and retrenchments rose in the first quarter of this year.

“The dimmer job market and hiring outlook may have prompted buyers to exercise greater caution, resulting in fewer transactions and price falls.”

Lee Sze Teck, Huttons Asia’s senior director of data analytics, said resale activity was sluggish in the quarter, with few inquiries made.

Flats are taking longer to sell, “averaging two to three months before a sale is concluded”, he added.

Asean Intelligence

In Q2, prices fell in more than half of the HDB towns. Sun said prices fell quarter on quarter in 16 towns, with the steepest drops recorded in Serangoon (-7.9 per cent), Marine Parade (-7.6 per cent), Geylang (-6.9 per cent), Ang Mo Kio (-5.1 per cent), Sembawang (-3.3 per cent) and Yishun (-2.7 per cent).

In contrast, 10 towns posted price increases, although most recorded gains of less than 5 per cent. The Central Area was the standout, with prices rising 19.7 per cent, followed by Clementi (4.5 per cent), Jurong East (4 per cent), Queenstown (4 per cent) and Woodlands (3 per cent).

The overall decline in resale prices was driven by weaker prices for three-room and five-room flats, said Nicholas Mak, chief research officer of Mogul.sg. Median resale prices for three-room flats fell 0.5 per cent on the quarter to S$442,888, while those for five-room flats declined 0.9 per cent to S$738,000.

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While median prices of two-room, four-room and executive flats rose 1.6 per cent, 0.3 per cent and 2.2 per cent, respectively, the gains were insufficient to offset the declines in the two segments, noted Mak.

A two-speed market

Yet, the resale market is increasingly bifurcating, analysts said, pointing to rising numbers of million-dollar flat sales.

A total of 491 HDB resale flats changed hands for at least S$1 million in Q2, bringing the first-half tally to 902 deals, surpassing the 763 recorded in the same period last year, said Eugene Lim, key executive officer at ERA Singapore.

The Q2 tally was also 19.5 per cent higher than that in the previous quarter, said Huttons Asia’s Lee. Million-dollar flats accounted for about 7.8 per cent of all resale flat transactions in the quarter, marking the first time they made up more than 7 per cent of total resale deals, he added.

June alone had 176 HDB resale flats change hands for at least S$1 million, in a record monthly high for such transactions, said Mogul’s Mak.

Still, the average price of such flats slipped 0.3 per cent to S$1.147 million in Q2 from S$1.151 million in the preceding quarter, as more transactions took place in non-mature estates, said Lee.

He added: “The proportion of million-dollar flat transactions in non-mature estates reached 10.6 per cent in Q2, the highest since Q1 2023’s 10.7 per cent. It could be early signs of buyers being priced out.”

More supply, cautious buyers

Analysts expect the resale market to remain subdued in the second half, as buyers contend with ample supply and fresh batches of Build-To-Order (BTO) units.

“Flight to affordability may continue to impact the HDB resale market, as more buyers pivot away from pricey new flats in mature estates towards more affordable BTO units or older resale flats,” said Realion’s Sun.

“Fewer buyers will be willing to pay high cash-over-valuation, which will further slow down the pace of price growth.”

Mak reckons that the softness in HDB resale prices will be temporary.

“Since the Singapore economy is currently not suffering a recession and the private residential property price index is still increasing, the HDB resale price index is expected to reach the bottom of the price cycle in the coming quarter and start to recover in the last three months of 2026,” he said.

## Chinese translation

> Translation model: grok

### 就业前景转弱拖累HDB转售市场，第二季价格与成交量双降

价格下跌蔓延至更多HDB市镇，但百万新元转售组屋成交继续攀升

[新加坡] 面对就业市场趋软与宏观经济不确定性，购房者谨慎情绪上升，抑制了新加坡公共住房转售市场，价格连续第二季下跌。

转售组屋价格在上季微跌0.1%后，第二季再跌0.3%。成交量按年收缩10.2%至6,268套，去年同期为6,981套，数据来自建屋发展局（HDB）周三（7月1日）发布的初步估算。

瑞联（OrangeTee & ETC）集团旗下Realion首席研究员兼策略师孙燕华（Christine Sun）表示：“尽管整体劳动力市场状况大体仍具韧性，但今年第一季总就业增长放缓，裁员人数上升。

“就业市场与招聘前景转暗，或促使买家更加谨慎，导致成交减少、价格下跌。”

浩登亚洲（Huttons Asia）数据分析高级董事李斯德（Lee Sze Teck）称，该季转售活动清淡，询盘不多。

他补充说，组屋出售周期拉长，“平均需两至三个月才能成交”。

第二季，逾半数HDB市镇价格下跌。孙燕华表示，16个市镇环比下跌，跌幅最陡的是实龙岗（-7.9%）、马林百列（-7.6%）、芽笼（-6.9%）、宏茂桥（-5.1%）、三巴旺（-3.3%）与义顺（-2.7%）。

相比之下，10个市镇录得价格上涨，多数升幅不足5%。中央区表现突出，价格上涨19.7%，其次为金文泰（4.5%）、裕廊东（4%）、女皇镇（4%）与兀兰（3%）。

Mogul.sg首席研究官麦俊荣（Nicholas Mak）表示，转售价格整体下跌由三房式与五房式价格走弱推动。三房式转售中位价环比跌0.5%至442,888新元，五房式跌0.9%至738,000新元。

私人住宅价格微升0.5%，HDB转售价格再跌0.3%：初步数据

国大调查：新加坡私人住宅与HDB市场“脱钩”，买家群体分化

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关于超高HDB组屋、转售组屋可负担性与单身人士住房愿望

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担心就业前景？年轻人应无畏地购买HDB预购组屋

在有足够遏制措施下，应对最低居住10年期给予灵活空间

麦俊荣指出，两房式、四房式与行政公寓中位价分别上涨1.6%、0.3%与2.2%，但升幅不足以抵消上述两个板块的跌幅。

双速市场

然而分析师称，转售市场日益分化，百万新元组屋成交数量持续上升。

ERA新加坡关键执行官林东荣（Eugene Lim）表示，第二季共有491套HDB转售组屋以至少100万新元成交，上半年累计902宗，超过去年同期的763宗。

浩登亚洲的李斯德称，第二季百万组屋成交亦较上季高出19.5%。百万组屋约占该季全部转售交易的7.8%，首次突破总转售成交的7%。

Mogul的麦俊荣表示，仅6月就有176套HDB转售组屋以至少100万新元成交，创下此类交易单月新高。

不过李斯德称，此类组屋均价在第二季微跌0.3%至114.7万新元，上季为115.1万新元，因更多交易发生在非成熟市镇。

他补充道：“非成熟市镇百万组屋交易占比在第二季达10.6%，为自2023年第一季10.7%以来最高。这或是买家被价格挤出的早期迹象。”

供应增多，买家谨慎

分析师预计下半年转售市场将保持疲软，买家面对充足供应与新一批预购组屋（BTO）。

Realion的孙燕华表示：“追求可负担性的‘避险’或将继续影响HDB转售市场，更多买家从成熟市镇昂贵新组屋转向更可负担的预购组屋或较旧的转售组屋。

“愿意支付高额估价差额（COV）的买家将减少，这将进一步放缓价格升幅。”

麦俊荣认为，HDB转售价格偏软将是暂时的。

他说：“由于新加坡经济目前并未陷入衰退，私人住宅价格指数仍在上升，预计HDB转售价格指数将在接下来一季触底，并于2026年最后三个月开始回升。”