HDB resale prices stopped rising for the first time since early 2020
HDB's flash estimate puts the 4th Quarter 2025 Resale Price Index at 203.6 — essentially level with the previous quarter's 203.7. It's the first time resale prices have held flat since the 1st Quarter of 2020. Zoom out and the shift is just as clear: full-year price growth has slowed from 9.7% in 2024 to 2.9% in 2025, the slowest pace since 2019. The runaway resale market of recent years has, for now, run out of road.
HDB Resale Median Price by Town
HDB resale data · median price by town · last 12 months · towns with 30+ resale transactions
What HDB announced: a flat index, thinner volume, and ~7,600 new flats coming
Stripped of the jargon, the release says two things — the resale market cooled on both price and volume in 2025, and more supply is on the way in early 2026.
On the resale market:
- The price index was 203.6 in Q4 2025, against 203.7 in Q3 — unchanged, after four straight quarters of slower growth (Q2 to Q4 each came in under 1%).
- Q4 resale volume (to 30 December) was 5,129 cases, 18.8% below the 6,314 in the same period a year earlier — the second consecutive quarter with a double-digit year-on-year drop.
- For the full year (to 30 December), resale volume was 26,042, down 9.8% from 28,876. The last annual decline was 2023's 4.2% fall — less than half this year's rate.
On upcoming supply, HDB will launch two concurrent exercises in February 2026:
| Exercise | Where | Approx. units |
|---|---|---|
| BTO | Bukit Merah, Sembawang, Tampines, Toa Payoh | ~4,600 |
| Sale of Balance Flats | ~3,000 |
For buyers the urgency has come off; for sellers the easy gains are over
If you're buying a resale flat, the pressure has eased. A flat index plus falling volumes points to a market where sellers no longer hold all the cards — fewer transactions and stalled prices give a patient buyer more room to negotiate and less reason to chase. The release also flags an uncertain macroeconomic outlook and urges households to stay prudent on price and mortgage size, which is worth taking at face value.
If you're a BTO hopeful, the ~4,600 new flats across Bukit Merah, Sembawang, Tampines and Toa Payoh — plus ~3,000 Sale of Balance Flats — widen your options in February 2026. Worth knowing: two of those launch towns are mature estates and two are non-mature, so the resale prices you'd be weighing them against differ sharply (see the town chart above).
If you're selling, reset your expectations. The double-digit annual gains are gone; a flat index means pricing to the market, not to last year's headlines, is what moves a flat now.
The slowdown is in the prices AND the volume — not just the headline
The plateau isn't a one-quarter blip. Price growth has decelerated for four quarters running, and volume has now fallen for two consecutive quarters at a double-digit clip, dragging the full year down 9.8%. When both price momentum and transaction activity cool together, it tends to signal a genuine shift in market temperature rather than seasonal noise.
The town chart above is where this gets practical: the RPI compresses the whole market into one figure, but resale prices vary widely by town. A cooling market doesn't cool every estate equally — which is exactly why the town you choose, and the resale benchmark it sits against, matters more now than when everything was rising together.
haio's take: a slower market rewards the prepared, not the rushed
A flat index isn't bad news — it's the market handing buyers back some breathing room and forcing sellers to be realistic. The smart move in a cooling, lower-volume market is to know your numbers cold before you act: what you can genuinely afford, and what a flat in your target town is actually worth today, not what it fetched at the 2024 peak.
Check your affordability and see how your target town's resale prices really compare on haio before you commit.