More HDB resale flats sold in Q3 even as prices dip

Even 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.

Executive flats recorded highest growth

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.

Resale prices likely to be stable

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.

khooyihang@asiaone.com

新加坡建屋发展局（HDB）周五（10月23日）表示，尽管2026年第三季度转售组屋的销量有所上升，但转售价格与第二季度相比有所下降。

建屋发展局公布的数据显示，转售价格指数下降了0.1%，这是继2026年第一季度和第二季度分别下降0.1%和0.3%之后，转售价格连续第三个季度下降。

与此同时，二手房交易量增长了19.5%，达到7645套，高于第二季度的6396套。

建屋发展局还表示，自今年7月28日取消购买非补贴组屋转售组屋的15个月等待期以来，私人住宅物业业主（PPO）和前PPO购买的转售组屋的价格和数量并未出现显著增长。

Realion（OrangeTee & ETC）集团首席研究员兼策略师Christine Sun指出，截至2026年前三个季度，组屋价格同比下降0.5%。

她表示，这与2025年第一季度至第三季度同期2.9%的价格涨幅截然相反。

孙先生评论说，二手房交易量同比增长也符合预期，因为每年第三季度通常是交易量最高的季度。

行政公寓的增长最为显著

孙先生表示，HDB执行共管公寓的同比增长率最高，达到21.1%，交易量从2025年第三季度的450套增加到2026年第三季度的545套。

五房式组屋也经历了类似的增长，同期增长了12.7%，从1657套增加到1867套。

第三季度，四房式组屋成交量增长6.4%，达到3378套，而三房式和两房式组屋成交量则有所下降。

孙先生还强调，高端公寓的需求与整体市场同步增长，他指出，售价至少为 80 万美元的转售公寓数量增长了 28%，从第二季度的 1423 套增加到第三季度的 1822 套。

孙补充道：“与去年同期相比，交易量超过了2025年第三季度售出的1506套。”

她表示，同样，百万美元以上公寓的交易量也从第二季度的 490 套增加到第三季度的 596 套，创下新的季度纪录。

第三季度发生了 26 笔超过 150 万美元的交易，高于第一季度的 16 笔和第二季度的 15 笔。

女皇镇有 8 笔此类交易，碧山有 5 笔，中央区有 4 笔，金文泰和托巴窑各有 3 笔。

孙先生表示，组屋租赁需求也有所下降，这“令人惊讶”。

她解释说：“第三季度通常反映出年底假期前租赁活动的强劲势头。此次下滑反映出需求放缓，因为由于租金和生活成本高企，当地居民租房减少。”

她补充说，某些行业失业率上升也可能对市场产生了影响。

她还认为，随着未来三年公共住房的持续增加，组屋租赁市场可能会继续面临压力。

转售价格可能保持稳定。

孙女士分享了她对建屋发展局第三季度房屋数据的总体展望，她表示，尽管转售价格有所下降，但未来几个月某些地区或组屋户型的价格可能会略有反弹。

她解释说：“许多私人业主在卖掉自己的房子后会手头宽裕，他们可能会购买面积大、价格高的二手公寓，以获得更大的居住空间。”

“因此，我们预计大户型公寓的需求和价格将得到提振，而百万美元以上的二手房交易数量也将进一步增长。”

但高端公寓交易量的预期增长仍不太可能导致整体转售价格飙升，而且百万美元的交易市场份额很小——任何价格上涨都可能仅限于这一细分市场。

她表示：“此外，充足的住房供应将在长期内继续保持房价稳定。”

khooyihang@asiaone.com