HDB resale transactions jump 19.5% q-o-q in 3Q2026 amid policy changes
Higher volumes alongside softer prices signal healthy but more price-conscious demand, potentially creating a more balanced market as upcoming BTO supply competes with resale flats.
HDB resale transactions rose 19.5% quarter on quarter to 7,645 in 3Q2026, while the resale price index declined 0.1% for a third consecutive quarter.
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Singapore’s public housing market saw a sharp increase in HDB resale transaction volumes in the third quarter of 2026. According to the Oct 23 HDB data release, 7,645 resale flats were transacted in 3Q2026, increasing on both a y-o-y and q-o-q basis.
The HDB resale market in the latest quarter was “largely shaped by policy shifts, seasonal trends and the absence of Build-To-Order (BTO) launches”, said Lee Sze Teck, senior director of data analytics of Huttons Asia.
The number of resale transactions rose by 19.5% in the latest quarter from 6,396 in 2Q2025, marking the highest volume of flats sold since 2024.
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This was supported by a jump in the number of five-room and larger flats sold during the quarter, following the removal of the 15-month wait-out period for private property owners (PPOs) and ex-PPOs buying a non-subsidised resale flat in July, added Lee.
A total of 1,867 five-room flats and 545 executive and multi-generation flats were transacted in 3Q2026, spiking 26.7% q-o-q and 41.6%, respectively.
HDB resale transactions by flat type, 3Q2026
The five most popular HDB towns were Punggol, Sengkang, Tampines, Woodlands and Yishun. They accounted for around 36.6% of total transactions during the quarter.
Resale prices dip marginally
Meanwhile, HDB data showed that resale prices slipped for a third consecutive quarter, albeit at a moderate pace.
The resale price index inched down 0.1% q-o-q in 3Q2026, easing from the 0.3% fall logged in 2Q2025.
The third quarter saw nine out of 26 HDB towns recording price falls. The Central Area saw the largest decline of 8.4%, followed closely by Ang Mo Kio (-4.7%) and Jurong East (-4.3%).
Huttons’ Lee said: “While there was considerably more demand in the five-room and larger flats segment in 3Q2026, the impact on prices was relatively subdued.”
Read also: A five-room flat in Bedok was just sold for $1.54 million, setting a new record high for HDB flats in the town
Mohan Sandrasegeran, head of research and data analytics at SRI, noted that the moderation in resale prices does not reflect a “broad-based weakening in buyer interest”.
Instead, it suggests a gradual translation towards a more balanced environment, coming on the back of several years of sustained price growth.
“While demand for resale flats remains relatively healthy, buyers appear to be exercising greater consideration over pricing, particularly as more housing options become available across the resale and new flat markets,” said Sandrasegeran.
Million-dollar flat sales hit record high
More buyers were willing to pay top dollar for resale HDB flats as million-dollar flat transactions reached a quarterly high of 596 in 3Q2026. That is the first time it has surpassed 500 transactions, marking an 21.6% q-o-q increase from the 490 units that changed hands in 2Q2026.
Resale HDB flat transactions priced at $1 million and above
Eugene Lim, key executive officer of ERA Singapore, observed that around 50.2% of million-dollar transactions in 3Q2026 involved resale flats aged 15 years or less, accounting for 299 deals.
“Younger flats have been a mainstay of million-dollar deals, as their new condition and longer remaining leases offer greater appeal,” Lim commented.
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During the latest quarter, 26 transactions involved flats transacting above the $1.5 million threshold.
These transactions were concentrated in towns such as Queenstown, Bishan, the Central Area, Clementi, and Toa Payoh, according to Realion (OrangeTee & ETC) Group.
Resale market to face headwinds
Huttons’ Lee anticipates that the HDB resale market may bottom out in the last quarter of the year.
He pointed to the upcoming November 2026 BTO sales exercise, which will offer 7,690 new flats in sought-after locations such as Bayshore and Toa Payoh, as a factor that could temper resale activity.
Christine Sun, chief researcher and strategist at Realion Group, anticipates that the higher income ceiling for BTO flats following recent policy changes could divert demand away from larger, higher-priced resale flats.
Against this backdrop, Realion has revised its forecast for HDB resale price growth to 0% to 2% for the full year of 2026.
Despite this, SRI’s Sandrasegeran said that the resale market could observe a more “balanced distribution of demand” between the new and resale flat markets.
“Nevertheless, resale flats are expected to remain attractive to buyers with more immediate housing requirements, as well as thse prioritising specific locations, larger living spaces, or established neighborhood amenities,” he said.
SRI expects resale transaction volumes to total about 26,000 to 27,000 flats in 2026, with full-year price movements expected to come in between -1% to 1%.