According to the Housing and Development Board (HDB)’s quarterly figures, HDB resale prices fell in 2Q 2026, with the HDB Resale Price Index (RPI) moderating by 0.3% quarter-on-quarter (q-o-q) to 202.8. This follows a 0.1% q-o-q decline in 1Q 2026, while also marking the first time since 2Q 2019 that the RPI has seen straight quarters of negative growth.

“The HDB resale market is showing further signs of moderation as buyer caution and price resistance continue to creep in. On top of the sharper quarterly decline, the RPI was unchanged year-on-year (y-o-y) in 2Q 2026. This also marks the first time since end-2019 that it has remained broadly flat on an annual basis, “said Eugene Lim, Key Executive Officer, ERA Singapore.

Transaction volumes also fell 9.9% to 6,396 units in 2Q 2026, down from the 7,102 units in the same period last year. This also puts the total resale volume for 1H 2026 at 12,681 units, which is 7.4% less than the 13,692 units sold in 1H 2025.

“Although the resale segment is softening due to broader economic and hiring uncertainties, this pullback in prices can also be seen positively. Further price moderation, whether through slower growth or a series of gentle corrections, could pave the way for a more sustainable HDB market in the longer run,” added Lim.

“Buyers may now find themselves with more bargaining power after several years of a sellers’ market. That said, sellers need not slash their asking prices drastically to secure a sale, provided that their flats are valued realistically without excessive Cash Over Valuation (COV),” noted Lim

Fresh MOP supply in popular towns continue driving a two-speed market

Table 1: Distribution of MOP flats by town in 2026

Source: data.gov.sg (as of 23 July 2026), ERA Research and Market Intelligence

Higher MOP supply in 2026 has added more resale stock to the market, which is another factor contributing to downwards pressure on prices.

“However, the impact has not been uniform. In popular towns, such as Toa Payoh and Queenstown, the influx of newer MOP flats has also expanded the pool of homes likely to reach the million-dollar mark, creating a more bifurcated resale landscape,” noted Lim.

This was reflected in 2Q 2026, when mature towns with the largest MOP supply also recorded some of the highest numbers of million-dollar HDB transactions. Toa Payoh topped the list with 66 such deals, followed closely by Queenstown with 65. Bedok and Tampines also ranked among the top ten, with 27 transactions each during the quarter.

“Buyers’ preference for newer MOP units, combined with their availability in mature towns this year, has helped support premium prices,” said Lim.

Table 2: Distribution of million-dollar HDB flat transactions by town in 2Q 2026

Source: data.gov.sg (as of 23 July 2026), ERA Research and Market Intelligence

Million-dollar flat transactions continue growing amid broader pullback in resale HDB prices

Chart 1: No. of million-dollar HDB resale flats (1Q 2021 – 2Q 2026)

Source: data.gov.sg (as of 23 July 2026), ERA Research and Market Intelligence

Despite the broader pullback in resale prices, million-dollar HDB transactions continued to grow, reaching 491 cases in 2Q 2026. This represents a 19.5% q-o-q increase and an 18.3% y-o-y increase in such transactions from 1Q 2026 and 2Q 2025, respectively.

Million-dollar HDB deals also accounted for 7.7% of all resale transactions in 2Q 2026, up from 6.5% in the last quarter.

Chart 2: Breakdown of million-dollar HDB resale flats by age (2Q 2026)

 Source: data.gov.sg (as of 23 July 2026), ERA Research and Market Intelligence

Younger resale flats aged 15 years or below accounted for the majority of million-dollar HDB transactions in the quarter, making up 251 deals, or 51% of the total.

“A closer look also shows that 121 units, or nearly a quarter of 2Q 2026’s million-dollar flats are between five to seven years old. This further highlights the premium that recently MOP-ed homes command. Among HDB towns, Toa Payoh recorded the most million-dollar deals involving younger flats within this exact age range, with 38 four- and five-room units sold between $1 million and $1.38 million.

These deals were mainly concentrated at Bidadari Park Drive and Alkaff Crescent, where newly MOP-ed projects like Alkaff CourtView and Alkaff LakeView are situated,” noted Lim.

Million-dollar flat transactions also remained strong beyond central locations. In 2Q 2026, Bedok recorded 27 such deals, while Clementi saw 30, with all of them involving larger flat types such as four-room, five-room, or executive units.

“These buyers were likely motivated by the idea of owning a larger home, which could outweigh the trade-off of living farther from the city centre.”

Median resale prices for 4-room flats in Central Area hits $1M mark for first time since 3Q 2025

In 2Q 2026, median resale prices for four-room resale flats in the Central Area crossed the million-dollar mark at nearly $1.2 million for the first time since 3Q 2025.

“This return to seven-figure territory was not unexpected, as median prices for four-room flats in centrally located towns like Toa Payoh and Queenstown had reached the million-dollar mark last quarter. This could have raised pricing expectations for similar units in the Central Area,” said Lim.

In 2Q 2026, median prices for four-room resale flats in Queenstown and Toa Payoh also continued to hold at the million-dollar mark.

“With median resale prices holding at this level for a second consecutive quarter, a new pricing benchmark has likely emerged for four-room flats in Toa Payoh and Queenstown. This would help newer flats in precincts, such as Bidadari in Toa Payoh and Dawson in Queenstown, to retain strong pricing power even as the broader resale market moderates.”

Rental activity picks up on the quarter

Rental activity picked up in 2Q 2026, with approved HDB rental applications rising to 10,002 cases, up 4.9% from 9,535 cases in 1Q 2026. This figure is also comparable to the 10,066 applications recorded in 2Q 2025.

The Central Area remained the priciest, with median rents of about $3,300 (3-room), $4,600 (4-room) and $5,100 (five-room). Bukit Batok had the highest two-room median at $2,450, while Jurong West and Tampines led executive flats at $4,000.

Outlook for 2026

“Looking ahead, some further re-pricing may be on the cards for the HDB segment, as buyer sentiment remains closely tied to macroeconomic conditions and employment stability. However, any adjustment is likely to be gradual rather than abrupt, as genuine housing demand continues to keep transaction volumes steady.”

“HDB has also rolled out 11,644 BTO and 4,320 SBF flats across the first two sales exercises of the year, with another 7,960 BTO units in October. This keeps the full-year target of 19,600 BTO flats within reach and expands choices for non-urgent buyers targeting upcoming BTO projects in popular towns, like Bedok and Toa Payoh.”

“Barring any unforeseen circumstances, HDB resale transactions could reach around 26,000 units by year-end. This would reflect sustained housing demand despite more cautious buyer sentiment.”