HDB flats (public housing)Singapore Property Market

HDB Resale Price Index: Up 8% in Two Years, Flat in the Last One

HDB resale prices have gone flat after a run of gains. What the HDB Resale Price Index measures, its last eight quarters, and private homes.

By Propwise3 min read

The HDB Resale Price Index is about 8% higher than it was two years ago, but it has not risen over the past year. It stood at 202.8 in Q2 2026 (final), against 202.9 a year earlier. The newest reading is a flash estimate for Q3 2026: the index is 202.4, so it fell 0.2% on the quarter.

What the number is

HDB describes the index as tracking the overall price movement of the public resale market. It uses resale transactions across towns, flat types and flat models. The base is the first quarter of 2009, which is set at 100.

You read it as a change between two dates. An index of 202.8 (Q2 2026) means resale prices, on the whole, are about 103% above their Q1 2009 level. It does not mean a flat costs S$202.8 of anything.

HDB changed its method in the fourth quarter of 2014. Before that it used a stratification method. From 4Q2014 it uses a stratified hedonic regression, according to HDB’s dataset notes on data.gov.sg. In plain terms, a hedonic method adjusts for differences between the flats sold, so a change in the mix of flats sold does not move the index on its own.

HDB resale price indexHDB Resale Price Index, 1Q2009 = 100. Quarterly.
  • Policy measures (select one for details)
HDB resale price index. The index slides from about 136 in 2015 to about 131 in 2019, then climbs from 2020 to a peak of about 204 in the third quarter of 2025 and has been flat since, at about 203 in the second quarter of 2026.100120140160180200201620182020202220242026202.82017-03-10: SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal2018-02-19: Budget 2018: top BSD rate raised to 4% above S$1m2018-02-19: Budget 2018: Proximity Housing Grant enhanced2018-07-05: Property cooling measures, July 2018: higher ABSD and lower LTV limits2021-12-15: Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%2022-09-29: Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out2023-02-14: Buyer's Stamp Duty raised for higher-value properties, Budget 20232023-02-14: CPF Housing Grant raised for first-time resale buyers, Budget 20232023-04-26: ABSD rates raised, April 20232024-08-19: HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised2025-07-03: Seller's Stamp Duty holding period back to four years, rates raised by 4 ppHDB resale price index. The index slides from about 136 in 2015 to about 131 in 2019, then climbs from 2020 to a peak of about 204 in the third quarter of 2025 and has been flat since, at about 203 in the second quarter of 2026.1001201401601802002016201820202022202420262017-03-10: SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal2018-02-19: Budget 2018: top BSD rate raised to 4% above S$1m2018-02-19: Budget 2018: Proximity Housing Grant enhanced2018-07-05: Property cooling measures, July 2018: higher ABSD and lower LTV limits2021-12-15: Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%2022-09-29: Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out2023-02-14: Buyer's Stamp Duty raised for higher-value properties, Budget 20232023-02-14: CPF Housing Grant raised for first-time resale buyers, Budget 20232023-04-26: ABSD rates raised, April 20232024-08-19: HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised2025-07-03: Seller's Stamp Duty holding period back to four years, rates raised by 4 pp

Latest: HDB 202.8 (Q2 2026).

HDB adjusts for the mix of flats sold: it used stratification up to 3Q2014 and a stratified hedonic regression from 4Q2014 (HDB, data.gov.sg). Quarters appear when HDB publishes the final figure.

Table view
PeriodHDB Resale Price Index
Q2 2026202.8
Q1 2026203.4
Q4 2025203.6
Q3 2025203.7
Q2 2025202.9
Q1 2025201.0
Q4 2024197.9
Q3 2024192.9
Q2 2024187.9
Q1 2024183.7
Q4 2023180.4
Q3 2023178.5
Q2 2023176.2
Q1 2023173.6
Q4 2022171.9
Q3 2022168.1
Q2 2022163.9
Q1 2022159.5
Q4 2021155.7
Q3 2021150.6
Q2 2021146.4
Q1 2021142.2
Q4 2020138.1
Q3 2020133.9
Q2 2020131.9
Q1 2020131.5
Q4 2019131.5
Q3 2019130.9
Q2 2019130.8
Q1 2019131.0
Q4 2018131.4
Q3 2018131.6
Q2 2018131.7
Q1 2018131.6
Q4 2017132.6
Q3 2017132.8
Q2 2017133.7
Q1 2017133.9
Q4 2016134.6
Q3 2016134.7
Q2 2016134.7
Q1 2016134.7
Q4 2015134.8
Q3 2015134.6
Q2 2015135.0
Q1 2015135.6
Policy measures marked on this chart (11)
  • 2025-07-03 Seller's Stamp Duty holding period back to four years, rates raised by 4 pp
  • 2024-08-19 HDB loan LTV cut to 75% and Enhanced CPF Housing Grant raised
  • 2023-04-26 ABSD rates raised, April 2023
  • 2023-02-14 CPF Housing Grant raised for first-time resale buyers, Budget 2023
  • 2023-02-14 Buyer's Stamp Duty raised for higher-value properties, Budget 2023
  • 2022-09-29 Property measures, September 2022: higher TDSR and MSR rate floor, HDB loan LTV 80%, 15-month wait-out
  • 2021-12-15 Property cooling measures, December 2021: higher ABSD, TDSR 55%, HDB loan LTV 85%
  • 2018-07-05 Property cooling measures, July 2018: higher ABSD and lower LTV limits
  • 2018-02-19 Budget 2018: Proximity Housing Grant enhanced
  • 2018-02-19 Budget 2018: top BSD rate raised to 4% above S$1m
  • 2017-03-10 SSD holding period cut to 3 years; TDSR relaxed for equity withdrawal

Source: HDB (via SingStat). Data to Q2 2026.

The last eight quarters

The index rose strongly through 2024, then slowed, then slipped. These are final figures to Q2 2026, with changes worked out from the index (HDB, via data.gov.sg):

QuarterIndexChange on the quarter
Q3 2024192.9+2.7%
Q4 2024197.9+2.6%
Q1 2025201.0+1.6%
Q2 2025202.9+0.9%
Q3 2025203.7+0.4%
Q4 2025203.60.0%
Q1 2026203.4-0.1%
Q2 2026202.8-0.3%
HDB resale price index: change on the previous quarterPercent change on the previous quarter, final quarters only, from 2023.
HDB resale price index: change on the previous quarter. Columns show the quarterly change in the HDB Resale Price Index. Quarterly gains peaked at 2.7 per cent in the third quarter of 2024, slowed through 2025 and became small falls of 0.3 per cent or less in the last two final quarters, after a flat fourth quarter of 2025.-0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%Jan 23Jan 24Jan 25Jan 26HDB resale price index: change on the previous quarter. Columns show the quarterly change in the HDB Resale Price Index. Quarterly gains peaked at 2.7 per cent in the third quarter of 2024, slowed through 2025 and became small falls of 0.3 per cent or less in the last two final quarters, after a flat fourth quarter of 2025.-0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%Jan 23Jan 24Jan 25Jan 26

Latest: HDB -0.3% (Q2 2026).

Propwise calculation from the HDB Resale Price Index: each final quarter against the quarter before.

Table view
PeriodHDB Resale Price Index, change on the quarter
Q2 2026-0.3%
Q1 2026-0.1%
Q4 2025-0.0%
Q3 20250.4%
Q2 20250.9%
Q1 20251.6%
Q4 20242.6%
Q3 20242.7%
Q2 20242.3%
Q1 20241.8%
Q4 20231.1%
Q3 20231.3%
Q2 20231.5%
Q1 20231.0%

Source: HDB (via SingStat). Data to Q2 2026.

The index peaked at 203.7 in Q3 2025, its highest level in the series, which starts in 1990. In Q2 2026 it was about 0.4% below that. The falls so far are small. Each of the last three final quarters was a fall of 0.3% or less.

How it compares with private homes

URA’s private residential price index uses the same base quarter, Q1 2009 = 100. It was 219.4 in Q2 2026, +2.9% on a year earlier. The HDB index was flat over the same year.

Over two years the picture reverses. From Q2 2024 to Q2 2026 the HDB index rose about 7.9% and the private index about 6.5%. HDB prices rose faster over the two years, but private prices kept rising over the latest year while HDB prices levelled.

Private homes and HDB flats: price indices since 2023URA private residential price index and HDB Resale Price Index, both 1Q2009 = 100. Quarterly.
  • Private homes (URA price index)
  • HDB resale flats (HDB Resale Price Index)
Private homes and HDB flats: price indices since 2023. Both indices rise from 2023. The HDB index climbs faster until mid-2025 and then levels off at about 203, while the private index keeps edging up to about 219.100120140160180200220Jan 23Jan 24Jan 25Jan 26Private 219HDB 203Private homes and HDB flats: price indices since 2023. Both indices rise from 2023. The HDB index climbs faster until mid-2025 and then levels off at about 203, while the private index keeps edging up to about 219.100120140160180200220Jan 23Jan 24Jan 25Jan 26

Latest: Private 219 (Q2 2026); HDB 203 (Q2 2026).

The two indices have the same base quarter but are different markets: compare their changes, not the gap between them. Final quarters only.

Table view
PeriodPrivate homes (URA price index)HDB resale flats (HDB Resale Price Index)
Q2 2026219203
Q1 2026218203
Q4 2025216204
Q3 2025215204
Q2 2025213203
Q1 2025211201
Q4 2024209198
Q3 2024205193
Q2 2024206188
Q1 2024204184
Q4 2023202180
Q3 2023196179
Q2 2023194176
Q1 2023195174

Source: URA, HDB (via SingStat). Data to Q2 2026.

The flash readings for the newest quarter also differ. According to URA’s flash estimate (1 October 2026), private prices rose 1.4% in Q3 2026. According to HDB’s flash estimate (1 October 2026), the HDB index fell 0.2%. HDB’s own release calls this the third quarter in a row of decline, after falls of 0.1% in Q1 and 0.3% in Q2 2026. One quarter does not make a trend, and both are first estimates.

For the private side, see our guide to the URA price index.

What this does not tell you

  • An index is not a price. It shows how prices moved, not what a flat costs. For a price, look at recent sales of flats like yours.
  • It is an island-wide average. A flat in one town, of one type, with a short or long lease may have moved very differently from the index. The index says nothing about your block.
  • Mix is adjusted for, not removed. A hedonic method controls for the characteristics it measures. It cannot account for everything about a flat, such as its view or renovation.
  • The newest quarter is provisional. A flash estimate is an early reading. HDB replaces it with a final value, which may differ. Treat the newest change as an early signal.
  • It does not show why prices moved. Interest rates, supply, grants, rules and incomes may all play a part. The index cannot separate them.
  • HDB and private indices are different markets. Equal base dates do not mean the two levels are comparable. Use each one’s changes, not the gap between them.

If you are weighing an HDB purchase, our guides on choosing the right HDB flat and the HDB home loan cover the next steps.

hdb resale pricesprice indexhdb resale

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