Singapore’s HDB resale market remained active in the second quarter of 2026, but the pricing environment became more balanced. Transaction volume edged higher while the overall resale price index eased for a second consecutive quarter. At the same time, million-dollar transactions increased, led overwhelmingly by mature estates.
Those outcomes may appear contradictory. They are better understood as evidence that the HDB market is becoming more differentiated. The overall index can moderate while selected flats with exceptional location, size, age or attributes continue to command strong prices. Buyers and sellers therefore need to look beyond national headlines and examine the characteristics of the actual flat.
This review explains the 2Q 2026 data and translates it into practical considerations for first-time buyers, existing owners, right-sizers and households planning to upgrade to private property.
HDB resale transactions stayed resilient
According to SRI Research using HDB data, 6,396 resale flats changed hands in 2Q 2026. This was 1.8% higher than the 6,285 transactions recorded in 1Q 2026.
The small increase indicates that underlying resale demand remained stable. It occurred during a quarter that included the June 2026 Build-To-Order exercise, which offered approximately 6,952 flats across mature and non-mature towns. Buyers therefore had alternatives, yet many still selected resale homes.
Resale demand can remain resilient because it serves needs that BTO supply cannot always meet. Some buyers require earlier occupation. Others want a particular neighbourhood, proximity to parents, an established school or a larger existing layout. Resale buyers can also inspect the actual flat, view and surrounding environment before committing.
The trade-off is financial and physical certainty. A resale home may require cash over valuation, immediate mortgage servicing and renovation. Older flats also have shorter remaining leases, which can affect financing, CPF usage and future buyer demand. The decision should reflect the household’s timeline and total cost rather than a general belief that resale or BTO is always superior.
The HDB Resale Price Index moderated
The HDB Resale Price Index eased 0.3% quarter on quarter in 2Q 2026 after declining 0.1% in 1Q 2026. Across the first half of the year, the index was down 0.4%. This contrasts with the 2.5% increase recorded during the first half of 2025.
This moderation suggests that the urgency seen during earlier periods has reduced. Expanded BTO supply, Sale of Balance Flats exercises, Shorter Waiting Time flats and a growing number of homes reaching Minimum Occupation Period have provided buyers with more alternatives.
A small index decline does not mean all flats have lost the same percentage. HDB housing is highly varied. Town, lease age, floor level, orientation, condition, walking distance to transport and flat type can produce different results. A recently MOP flat near an MRT station may attract multiple interested parties while an older or poorly presented unit faces more negotiation.
Buyers should treat the national index as background, not as a valuation for a specific home. Sellers should avoid assuming that a strong sale elsewhere in the town applies directly to their flat. Recent transactions from the same block or a genuinely comparable cluster are more informative.
Median price ranges show a selective market
The research report compared median resale price ranges by flat type between 1Q and 2Q 2026. Most lower endpoints were stable or slightly softer. The upper end moved differently across flat categories.
For 5-room flats, the upper end of the reported range declined from approximately S$1.1 million in 1Q 2026 to S$978,000 in 2Q 2026. By contrast, the upper end for 4-room flats increased from about S$1.0 million to S$1.2 million. Executive flats also recorded a modest increase at the upper end.
These ranges should not be read as standard prices for every flat type. They demonstrate how premium transactions can influence the upper end while more ordinary homes remain stable. A high-value 4-room transaction may reflect a central location, long remaining lease, high floor, unblocked view, proximity to transport or distinctive design. It does not automatically raise the market value of all 4-room flats.
For buyers, the lesson is to identify which attributes justify a premium. For sellers, the task is to show where the flat sits within its competitive set. A renovated high-floor unit may reasonably differ from a lower-floor home requiring major work, but the price gap still needs to make sense to buyers.
Million-dollar transactions increased
The report recorded 491 million-dollar HDB transactions in 2Q 2026, up from 411 in the previous quarter. Of those transactions, 439 were in mature estates.
Million-dollar sales attract attention, but they remain concentrated in a particular part of the market. Mature estates offer scarce combinations of centrality, established transport, amenities and larger or newer flat types. Executive apartments, maisonettes, design-led developments and recently MOP homes can also appeal to households comparing them with private condominiums.
The existence of more million-dollar transactions does not mean ordinary HDB prices are accelerating broadly. The overall price index moderated during the same quarter. The more accurate interpretation is that premium homes can remain resilient even as the wider market becomes more measured.
Why additional supply is changing buyer behaviour
Singapore’s housing supply has expanded through several channels. New BTO launches create future choices. Sale of Balance Flats may shorten the wait for selected households. Shorter Waiting Time flats offer another pathway, while the MOP pipeline adds newer homes to the resale market.
When buyers have more alternatives, they are less likely to accept every asking price. They can compare a resale flat against a future BTO, a newly MOP unit in another town or a private-property upgrade. This supports a more orderly market, although homes with unusual strengths can still attract competition.
What HDB buyers should check in 2026
Begin with eligibility and financing. Confirm HDB eligibility, the Ethnic Integration Policy and Singapore Permanent Resident quota where relevant, CPF usage, loan options and the remaining lease. Rules and grants can change, so use current official information rather than relying on an old transaction or another buyer’s experience.
Next, calculate the complete acquisition cost. This includes the agreed price, valuation outcome, cash over valuation, buyer’s stamp duty, legal fees, renovation, furnishings and temporary accommodation if timelines do not align. A flat within the bank’s lending limit may still create an uncomfortable monthly commitment.
Finally, assess the lease and future audience. A shorter lease may reduce the pool of future buyers or affect financing and CPF usage. This does not make every older flat unsuitable, but the price and intended holding period should reflect the lease profile.
What HDB sellers should do
Sellers should begin with a realistic comparative market analysis. Use recent transactions, but also review today’s competing listings. Transactions show what buyers previously paid; listings show the alternatives currently available.
Prepare the flat for photography and viewing. Decluttering, lighting, minor repairs and clear access to rooms can help buyers understand the space. Expensive renovation immediately before sale is not always recoverable, so prioritise work that removes obvious objections.
Plan the next move before accepting an offer. Sellers buying another home must coordinate the resale completion, financing, CPF refund, possible extension of stay and renovation schedule. A high sale price can be undermined by unnecessary bridging costs or rushed accommodation decisions.
Sell first or buy first?
There is no universal answer. Selling first provides greater certainty over available cash and CPF proceeds, but the household may need temporary accommodation if a replacement home is not ready. Buying first secures the next property but can introduce financing pressure and deadline risk.
The decision depends on loan capacity, cash reserves, family flexibility and marketability of the existing flat. Owners should model both timelines before committing. Include conservative assumptions for sale price and completion rather than relying on the best possible outcome.
For HDB owners upgrading to a condominium, the analysis should also include additional buyer’s stamp duty timing, loan-to-value limits, total debt servicing ratio, CPF refund and the progressive-payment schedule if buying a new launch.
HDB resale outlook for the rest of 2026
SRI Research expected HDB resale prices to record a more measured full-year increase of approximately 0.5% to 2.0%, while transaction volume was projected to remain healthy. Forecasts can change with supply, interest rates, employment, policies and buyer sentiment.
The direction suggested by the report is a stable but more discriminating market. Buyers may gain negotiating room where supply is ample or a flat has disadvantages. Sellers of well-located, well-presented homes may continue to receive strong interest, but pricing must reflect the actual property.
Frequently asked questions
Are HDB resale prices falling in 2026?
The HDB Resale Price Index eased by 0.3% in 2Q 2026 and 0.4% across the first half of the year in the report. Individual towns and flats can perform differently, so a specific valuation requires closer comparables.
Why are million-dollar flat transactions rising if the index moderated?
Million-dollar transactions are concentrated among selected premium flats, particularly in mature estates. Their increase can occur while the broader market remains stable or moderates.
Is 2026 a good time to buy an HDB resale flat?
It may be appropriate for buyers who need earlier occupation or a specific established location and can comfortably afford the complete cost. Suitability depends on the individual flat, remaining lease, valuation and alternatives.
Should an owner renovate before selling?
Major renovation is not always recovered in the sale price. Basic repairs, cleanliness, decluttering and good presentation are usually safer starting points. Evaluate substantial work against likely buyer preferences and cost.
How should sellers set an asking price?
Compare recent transactions from genuinely similar flats and current competing listings. Adjust for floor, condition, lease, orientation, view and location instead of copying the highest transaction in the town.
Final perspective
The 2Q 2026 HDB figures describe a resilient market entering a more sustainable phase. Transactions edged higher, the overall price index moderated and premium demand remained visible in mature estates. This is not a simple buyer’s or seller’s market.
Buyers have more choice and should use it to compare carefully. Sellers can still achieve a sound result when their expectations, presentation and timeline match current evidence. For households moving between HDB and private property, sequencing and affordability are as important as the headline price.
Plan your next property move
- Explore Singapore resale properties
- Plan the sale of your existing home
- Calculate your next-home affordability
- Compare Singapore new-launch condominiums
Source and editorial note: Statistics are attributed to SRI Research using HDB and data.gov.sg information available in July 2026. This is an independently written educational article and does not reproduce the report’s wording or charts. Market information and housing regulations can change; readers should verify current official rules and obtain advice appropriate to their circumstances.