Private home prices inch up 0.5% while HDB resale prices slip further by 0.3% in Q2: flash data

[SINGAPORE] Rising prime property prices held up the private residential market in the second quarter, while home prices in all other segments fell, along with public housing resale values.

Private residential prices rose 0.5 per cent in Q2 2026, as public housing resale prices inched down a further 0.3 per cent, government flash estimates released on Wednesday (Jul 1) showed.

While the overall private property price index continued to rise, albeit slower than its 0.9 per cent increase in the first quarter, movements were markedly uneven.

Landed home prices jumped 2.6 per cent in Q2, in contrast to the non-landed segment where prices slipped 0.1 per cent.

Across regions, the difference was more stark: Core Central Region (CCR) condominiums gained 2 per cent while prices in the Rest of Central Region (RCR) or city fringe fell 1.4 per cent. In the Outside Central Region (OCR), suburban condo prices also slipped, by 0.2 per cent.

Overall, the price increase for H1 2026 amounted to 1.4 per cent – the smallest change recorded in the first half since 2020, when prices fell 0.7 per cent, noted Realion Group chief researcher and strategist Christine Sun.

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Huttons Asia chief executive Mark Yip pointed out that the OCR accounted for 60 per cent of transactions in Q2. Hence, relative lower prices in the region would have weighed down the overall index.

One example was the new Tengah Garden Residences, which had “overwhelming take-up” due to its “attractive” pricing relative to other recent OCR launches, said Tricia Song, CBRE research head for Singapore and South-east Asia.

The project was one of three new launches in the quarter, and Tengah’s first private condo launch. It moved 99 per cent of its 863 units over the launch weekend in April at an average price of S$2,120 per square foot (psf).

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With more suburban units transacted in Q2, Sun noted that the number of private homes, excluding executive condos (ECs), sold below S$2 million nearly doubled to 1,016 units, from 631 in Q1.

On a per square foot (psf) basis, the number of new private homes, excluding ECs, that changed hands under S$2,000 psf also jumped to 144 units in Q2, from 24 units previously.

Similarly, condo prices in the RCR could have been held down by the sole new launch during the quarter, Hudson Place Residences at one-north.

It sold 218 units, or two-thirds of its 327 units, at a median price of S$2,467 psf in the quarter, 2 per cent lower than the median price of S$2,518 psf recorded at the neighbouring Bloomsbury Residences, when it came to market in April 2025, Song noted.

Prices remain high at the top end

At the top end of the market, landed home prices are now at its highest ever, said Leonard Tay, Knight Frank Singapore research head.

Kelvin Fong, chief executive of PropNex, noted that the growth in prices came amid “relatively stable market activity”.

Caveats data showed around 491 landed home transactions in Q2, a notch lower than the 509 deals recorded in Q1. But average unit prices rose across the board, with quarter-on-quarter increases of 3.3 to 5.9 per cent.

The price rise, despite little change in sales volumes, suggests that demand continues to support prices in a tightly supplied market, said Fong.

In the prime condo segment, ERA chief executive Marcus Chu observed that prices held firm in Q2 despite an absence of new launches. CCR sales also plunged, to 596 units as at Jul 1, from 1,223 units in Q1.

Song pointed to existing CCR launches, such as the 455-unit River Modern and 348-unit The Robertson Opus, which saw higher median prices in Q2 as “buyers scooped up remaining units”.

Overall, private home sales volume held fairly stable in Q2, with 5,420 transactions recorded, up marginally from 5,413 in the previous quarter.

Of these, new sale volume rose 3.5 per cent quarter on quarter to 2,093 units, excluding ECs, even as fewer new homes hit the market – at 1,705 units, down from 1,844 units in the prior quarter, said Mohan Sandrasegeran, SRI head of research and data analytics.

Average take-up rate rose to 77.5 per cent in Q2, from 70.5 per cent in Q1.

ERA’s Chu said that, in the secondary market, volume fell 18.3 per cent to 2,634 units – its lowest level since Q2 2020. It was also a “departure from the stable pattern of (around) 3,000 resale units per quarter” in the previous eight quarters.

He believes this was mainly due to the seasonal school holiday lull in June, with many potential homebuyers travelling abroad. Even so, the median resale price of non-landed private homes, excluding ECs, continued to rise, up 1.5 per cent quarter on quarter to S$1,792 psf.

Growing gap?

The private market’s mixed performance comes as HDB resale prices eased further, declining by 0.3 per cent in Q2, after a 0.1 per cent drop in the prior quarter.

Sandrasegeran noted that this brought price change for H1 to minus 0.4 per cent.

Pointing to the difference between how prices moved at the top of the residential market compared to the HDB resale market, Mogul.sg’s chief research officer Nicholas Mak observed that “the diverging growth rate of the private and public housing prices represents a growing wealth gap between the richest 25 per cent of the population and the masses”.

Transaction volume of resale flats held steady at 6,268 units in Q2, from 6,285 in the previous quarter. Year on year, this was a 10.2 per cent decrease from the 6,981 units recorded in the same period last year.

Yip from Huttons Asia expects up to 12 new condo projects in the second half of the year, with 3,567 units to launch. Major ones include the 380-unit Dunearn House and the 499-unit Lentor Gardens Residences in July; the 570-unit Lucerne Grand in Jurong in September; as well as the 1,240-unit Thomson Reserve and 133-unit The Serra Residences around September/October.

With fewer units expected to come to market in H2, Huttons has adjusted its full-year projection for sales volume to between 7,500 and 9,000 units, from 8,000 to 10,000 units previously.

“This would be a moderation from the high base of 10,815 units in 2025, largely on fewer launches and the normalisation of pent-up demand after above-trend volumes last year,” added Song from CBRE.

Analysts expect private home prices to show a 2.5 to 5 per cent increase for the year, while change in the HDB resale market may range from -2 to 5 per cent.