PUBLISHED ONOctober 23, 2026 5:48 AMBYKhoo Yi-HangEven as the number of resale flats sold rose in the third quarter of 2026, resale prices have dropped compared to the second quarter, the Housing and Development Board (HDB) said on Friday (Oct 23).
HDB shared that the Resale Price Index decreased by 0.1 per cent — the third consecutive quarter of decline in resale prices following decreases of 0.1 per cent and 0.3 per cent in the first and second quarters of 2026 respectively.
Meanwhile, the number of resale flats that exchanged hands increased by 19.5 per cent to 7,645 transactions, up from 6,396 in the second quarter.
HDB also stated that they have not observed a significant increase in the prices and number of resale flats purchased by private residential property owners (PPOs) and ex-PPOs following the removal of the 15-month wait-out period for buying non-subsidised HDB resale flats on July 28 this year.
Chief researcher and strategist of Realion (OrangeTee & ETC) Group, Christine Sun, pointed out that on a year-to-date basis, HDB prices fell 0.5 per cent in the first three quarters of 2026.
This is a reversal from the 2.9 per cent price increase over the same period in the first to third quarter of 2025, she said.
The increase in year-on-year resale volume also align with expectations, as the third quarter usually has the highest transaction volume each year, Sun commented.
HDB executive flats, said Sun, recorded the highest year-on-year growth of 21.1 per cent, with transactions up from 450 units in the third quarter of 2025 to 545 units in the same quarter of 2026.
Five-room flats also experienced similar growth with a 12.7 per cent increase from 1,657 units to 1,867 units over the same period.
Four-room flat transactions increased 6.4 per cent to 3,378 units in the third quarter, while three-room and two-room flats registered fewer transactions.
Sun also highlighted that demand for premium flats increased in tandem with the wider market, citing the number of resale flats sold for at least $800,000 going up by 28 per cent, up from 1,423 units in the second quarter to 1,822 units in the third.
"On a year-on-year basis, transactions were more than the 1,506 units sold in third quarter of 2025," Sun added.
Similarly, the number of million-dollar flat transactions also rose from 490 units in the second quarter to 596 units in the third quarter, which sets a new quarterly record, she said.
Twenty-six transactions above $1.5 million took place in the third quarter, up from 16 and 15 in the first and second quarter respectively.
Queenstown had eight such transactions and Bishan had five — the Central area had four while Clementi and Toa Payoh had three each.
Demand for HDB rental has also declined, which is "surprising", Sun stated.
"The third quarter usually reflects stronger leasing activity before the year-end holidays," she explained. "The decline reflects slower demand as fewer locals were leasing due to the elevated rental and living costs.
Rising unemployment in certain sectors could have impacted the market as well, she added.
She further opined that the HDB rental market may continue to face pressure as public housing continues to increase over the next three years.
Sharing her overall outlook of HDB's housing data for the third quarter, Sun said that there could be a slight price rebound for certain regions or flat models in upcoming months despite the drop in resale prices.
"Many private homeowners will be cash-rich after selling their homes and they are likely to buy large resale flats for the space and value," she explained.
"Therefore, we expect demand and prices of larger flats to be boosted, while the number of million-dollar resale flat transactions to grow further."
But the expected increase in premium flat transactions is still unlikely to cause a spike in overall resale prices, and million-dollar transactions are a small market share — any increase in price will likely stay within this segment of the market.
"Moreover, ample housing supply will continue to keep prices stable in the long term," she said.
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