HDB Resale Prices Standstill: Finally slowing down since 2020
We explain HDB’s resale price index from year end 2025.
By Home & Decor Team -
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2026 is looking like a “Buyer’s Year.” The cooling resale HDB market combined with a massive injection of 7,600 units (BTO + SBF) in February 2026 BTO sales exercise gives you significant leverage. If you can wait, the February sales exercise is the clear winner. If you need a home now, the resale HDB market is finally safe enough to enter without overpaying.
Last year end’s data (Q4 2025) from the Housing & Development Board (HDB) signaled a major turning point in the Singapore property market.
After years of relentless price hikes following the pandemic in 2020, the HDB resale market is finally entering a phase of “stabilisation.” If you’re thinking of buying a resale HDB in 2026, this shift creates a very different strategic environment compared to the price “bidding wars” seen in 2023 and 2024.
Line graph showing the HDB resale price index from 2019 to date.
HDB Resale Market Prices are Stablising
The most significant takeaway is that resale prices have stopped growing. The Resale Price Index (RPI) for 4Q 2025 remains virtually unchanged from the previous quarter. This is the first time since early 2020 that we haven’t seen a price increase.
Significant Slowdown: Annual price growth plummeted from a staggering 9.7% in 2024 to just 2.9% in 2025. This is the slowest growth the market has seen since 2019.
Declining Volume: Not only are prices flat, but fewer people are buying. Resale volume dropped by 18.8% compared to the same period last year. When both prices and volumes drop, it usually indicates that buyers are becoming more resistant to high prices or are choosing to wait for better options.
Upcoming BTO February 2026
While the resale market cools, HDB is ramping up supply to provide more affordable alternatives. In February 2026, a massive sales exercise will take place:
Approximately 4,600 new flats will be launched in highly desirable areas: Bukit Merah, Sembawang, Tampines, and Toa Payoh. These are “Prime” and “Mature” locations that usually see very high demand.
A concurrent Sale of Balance Flats (SBF) exercise will offer another 3,000 units. This is a significant number, providing a rare chance for those who need a home sooner to skip the long BTO construction wait.
Less “FOMO” (Fear of Missing Out)
With HDB resale prices flat, you no longer need to rush into a purchase for fear that the price will be $20,000 higher next month. You have more “room to breathe” to negotiate with sellers.
Better Ballot Chances
As more people successfully secure BTO or SBF flats from the large February 2026 BTO supply, there may be less competition in the resale market, potentially leading to more “Value for Money” finds.
Sustainable Entry Point
If you are a first-time HDB buyer, entering the property market when growth is at its lowest since 2019 is much safer than buying during a “peak.”
High Interest Rates for Home Loans
Although prices are flat, mortgage interest rates remain a concern. HDB’s warning to “exercise prudence” is a reminder that while the flat price is stable, the cost of borrowing money is still high.
10-Year Minimum Occupation Periods
While the February 2026 BTO launch in Bukit Merah and Toa Payoh is exciting, these “Prime Location Public Housing” (PLH) units often come with 10-year Minimum Occupation Periods (MOP) and longer construction times.