Resale flat prices fall for second straight quarter, down 0.3% in 2Q2026: HDB flash estimates
Increasing BTO competition and flats reaching MOP may keep the broader resale market balanced, although rising million-dollar transactions show continued demand for selected premium flats.
HDB resale prices declined 0.3% quarter-on-quarter in 2Q2026, their second consecutive quarterly fall, while transaction volume dropped 10.2% year-on-year to 6,268 units.
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HDB resale prices fell in 2Q2026, marking a second consecutive quarter of decline. Flash estimates published by HDB on July 1 show that the Resale Price Index decreased 0.3% q-o-q in 2Q2026, widening from the 0.1% fall recorded in the previous quarter.
“This is the first time in nearly seven years that HDB resale prices have softened across consecutive quarters,” says Eugene Lim, key executive office at ERA Singapore.
Resale flat volume also declined, falling 10.2% y-o-y to 6,268 transactions in 2Q2026.
“Intense competition arising from the Build-To-Order (BTO) market, prevailing macroeconomic uncertainties, and a weaker hiring outlook have affected the HDB resale market,” remarks Christine Sun, chief researcher and strategist at Realion (OrangTee & ETC) Group.
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For the first half of 2026, resale flat prices have fallen 0.4%, reversing from the 2.5% and 4.2% growths logged over the same period in 2025 and 2024, she adds.
The lower prices suggests the resale market is “transitioning towards a more balanced and sustainable phase”, according to Mohan Sandrasegeran, head of research and data analytics at SRI.
In addition to BTO launches, more flats are reaching their minimum occupation period (MOP), which is helping to boost supply and temper prices, he observes.
Uptick in million-dollar flats
Despite the broader slowdown in the HDB resale market, the number of million-dollar flat transactions continued to grow in 2Q2026, according to Lee Sze Teck, senior director of data and analytics at Huttons Asia.
A total of 491 resale flats were sold for at least $1 million last quarter, 19.5% higher than the 411 million-dollar flats in 1Q2026. The flats also account for 7.8% of total resale flat transactions for 2Q2026 – the highest proportion thus far.
“There were more million-dollar flat transactions in 2Q2026, pulled up by Bedok South Horizon and Hougang RiverCourt which fulfilled the eligibility conditions to sell,” says Lee.
Read also: What’s moving the market: Singapore's biggest property deals and hottest searches (April 17)
Despite the higher volume, prices of million-dollar flats fell marginally last quarter. The average price stood around $1.147 million, 0.3% lower than $1.151 million in 1Q2026.
In addition, the proportion of million-dollar flat transactions in non-mature estates stood at 10.6% in 2Q2026, the highest since the 10.7% recorded in 1Q2023. “It could be early signs of buyers being priced out,” Lee adds.
Resale market to stay flat
Lee expects the HDB resale flat market to stay flat in 2H2026, as more BTO flats enter the market. In October, HDB will launch about 7,960 flats for sale in Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun, which may divert some buyer interest from the resale market.
At the same time, more flats will achieve their MOP , with Lee estimating 13,484 flats to hit that milestone this year. This may help support resale market activity and prices, as well as million-dollar flat transactions, he says.
Huttons projects resale flat transactions to total between 22,000 and 26,000 in 2026, while resale price movement may be between -2% to 2%.
Sun of Realion Group has a similar price projection. She estimates resale prices could trend between -1% and 2% for the whole of 2026, amid a softer job market and other macroeconomic uncertainties impacting the market.
Read also: What's moving the market: Singapore's biggest property deals and hottest searches (April 10)
“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 or older resale flats,” she adds.
On the other hand, ERA’s Lim believes Singapore’s steady domestic growth outlook will continue to support overall housing demand, despite broader external headwinds. He expects the HDB resale market to see around 26,000 to 27,000 transactions this year, with annual price growth ranging between 2% and 5%.