2Q 2026 HDB Quarterly Report: HDB Resale Prices Fall Further by 0.3% As Transactions Hold Steady

In 2Q 2026, the HDB Resale Price Index (RPI) inched down further by 0.3% quarter-on-quarter (q-o-q) to 202.7 from 1Q 2026’s figure of 203.4. Simultaneously, a total of 6,268 resale transactions were recorded over the quarter, representing a 0.3% q-o-q decrease over the 6,285 cases recorded in 1Q 2026. 

HDB Resale Price Index (RPI) Edges Down for Second Straight Quarter 

In 2Q 2026, the HDB Resale Price Index (RPI) moderated for a second consecutive quarter to 202.7. This extends the RPI decline seen in 1Q 2026, which was the first since 2Q 2019. Various supply factors, such as a steady BTO pipeline and growing MOP (Minimum Occupation Period) flat numbers have expanded options for homebuyers, thereby tempering the red-hot demand that fuelled previous price hikes.

Similarly, past cooling measures, such as the 15-month wait-out period and tighter resale conditions for Plus and Prime flats, have helped keep price growth in check. As the effects of these policies continue to work their way through the market, more heat could be taken out of the HDB resale market over the near- to medium-term. 

Chart 1: HDB RPI vs Number of Transactions 

HDB Resale Volumes Dip Hold Steady Despite Seasonal Factors

In 2Q 2026, a total of 6,268 HDB resale flats were transacted, reflecting a slight 0.3% q-o-q decrease from the 6,285 units recorded in 1Q 2026. This also bring the total resale volume for 1H 2026 to 12,533 units, or 8.3% lower than 1H 2025’s count of 13,692 units. 

Despite coinciding with June’s BTO exercise and yearly school holidays, resale HDB transactions only saw a slight dip across quarters. This steady trajectory could have been partly due to the significantly larger supply of flats exiting their Minimum Occupation Period (MOP) this year, including newer flats in popular mature towns such as Toa Payoh and Queenstown.

Additionally, with more choices available on the resale market, softer prices may have encouraged buyers waiting on the sidelines to act. By entering the resale market, aspiring homeowners with more pressing housing needs will be able to secure a roof over their head, without being bogged down by waiting times of three years or longer. 

Sharp Increase in MOP Flats Anticipated in 2026

With 13,480 HDB flats fulfilling their MOP in 2026, this puts pipeline supply for the HDB resale market at its highest since 2023. Moreover, this marks a 93.3% year-on-year increase from the 11-year low of 6,973 units recorded in 2025.

With this sharp rebound in MOP flat volume, buyers targeting a resale HDB flat may benefit from a broader range of available units and possibly less intense competition this year. This increase in MOP supply, alongside a steady BTO pipeline, is also expected to support more balanced market conditions over the medium term.

Chart 2: Number of MOP Flats by year

Table 1: Distribution of MOP Flats by Town in 2026

Among flats exiting their MOP in 2026, approximately 69.3% of them are located in popular towns, such as Punggol, Tampines, Toa Payoh and Queenstown. This may allow them to command higher asking prices due to their attractive locations and long remaining leases. These newly-MOP flats are also popular among buyers, since they are not subject to the more stringent resale restrictions under the new “Plus” and “Prime” classification. 

Uptick in Million-Dollar Flat Transactions Persists

In 1Q 2026, a further 491 million-dollar flat transactions were recorded up to 30 March 2026, according to HDB resale transaction data. This brings 1H 2026’s tally of million-dollar flat transactions to 902 deals, surpassing the 763 recorded in 1H 2025.

Nonetheless, the HDB resale market remains affordable, with the majority of transactions (71.1%) taking place below the $750,000 mark in the quarter. Additionally, million-dollar flat sales made up only 7.9% of all transactions observed in 2Q 2026. 

Chart 3: HDB Flat Transactions over $1m 

Mature towns continued to anchor million-dollar transactions, led by Toa Payoh with 66 deals. Queenstown and Bukit Merah followed closely with 65 and 64 deals each, while Kallang/Whampoa recorded 41.

Overall HDB Prices Remain Affordable

Chart 4: HDB Transactions by Price Ranges

In 2Q 2026, nearly half (48.2%) of all HDB transactions fell within the $500,000 to $750,000 range, which is considered to be affordable for many local buyers. Meanwhile, 22.9% of resale HDB flats transacted during the quarter were priced between $250,000 to $500,000. Collectively, this indicates that the majority of HDB resale transactions (71.1%) remains affordable for the average homebuyer.

ERA’s Outlook and Forecast for 2026 

Table 2: ERA forecast of HDB Resale Market

Source: HDB, ERA Research and Market Intelligence

Despite external headwinds weighing on global economies, Singapore’s residential market remains a relative bright spot. Domestic housing demand has held up, even as geopolitical volatility in the Middle East continues to add to global inflationary pressures.

This resilience is supported by Singapore’s steady growth outlook, with the Ministry of Trade and Industry (MTI) maintaining its full-year GDP growth forecast at 2.0 to 4.0 per cent. Against this stable backdrop, local buying appetite remains supported, even amid external economic pressures and an increasingly cautious job market in Singapore.

At the same time, HDB has maintained its supply of 19,600 BTO flats across three sales exercises this year, including more than 4,000 Shorter Waiting Time flats with wait times of under three years. This includes October’s BTO exercise, the largest this year, with 7,970 flats across six locations including Toa Payoh and Bayshore.

Together with the larger resale pipeline of 13,480 flats exiting their Minimum Occupation Period (MOP) in 2026, this is expected to expand options for homebuyers and sustain the moderation in HDB price growth.

That said, the million-dollar flat segment could remain underpinned by the availability of newer MOP flats, particularly in established towns such as Toa Payoh and Queenstown. 

In 2026, we expect the HDB resale market to see around 26,000 to 27,000 transactions, with annual price growth ranging between 2% to 5%. These outcomes would align with the Singapore government’s aim for a stable and sustainable property market.