HDB flats (public housing)Singapore Property Market

HDB resale volume: 2,245 flats in September, 3.3% above a year ago

HDB registered 2,245 resale flats in September 2026. What the monthly count measures, the last 12 months, its link to S$1 million sales, and its limits.

By Propwise4 min read

HDB registered 2,245 resale flats in Sep 2026. That is +3.3% on a year earlier and -10.8% on the month before.

Over the last 12 months, volume is 6.0% lower than in the 12 months before. Yet sales at S$1 million or more rose 20.9%.

What the number counts

The series counts HDB resale flats registered in the month, all flat types and all towns.

Read it as a count of flats that changed owners and were registered in the month. A higher count means more registrations.

It does not mean higher prices, and it does not say how many flats were listed or viewed. Think of it as a turnstile at a gate: it counts who walked through, not who stood outside looking.

HDB resale transactions each monthNumber of resale flats registered in the month, from January 2017.
HDB resale transactions each month. Monthly HDB resale volume dips in early 2020, jumps in late 2020 and 2021, and has settled at a lower level since 2023.05001,0001,5002,0002,5003,0003,50020182020202220242026HDB resale transactions each month. Monthly HDB resale volume dips in early 2020, jumps in late 2020 and 2021, and has settled at a lower level since 2023.05001,0001,5002,0002,5003,0003,50020182020202220242026

Latest: Resales 2,245 (Sep 2026).

Counts are by registration month. A month appears once it is complete.

Table view
PeriodResale transactions
Sep 20262,245
Aug 20262,518
Jul 20262,649
Jun 20262,125
May 20262,126
Apr 20261,933
Mar 20262,042
Feb 20261,661
Jan 20262,339
Dec 20252,024
Nov 20251,658
Oct 20251,338
Sep 20252,174
Aug 20252,203
Jul 20252,562
Jun 20252,260
May 20252,266
Apr 20252,297
Mar 20251,899
Feb 20252,091
Jan 20252,313
Dec 20242,112
Nov 20241,929
Oct 20242,139
Sep 20242,204
Aug 20242,591
Jul 20243,036
Jun 20242,171
May 20242,490
Apr 20242,370
Mar 20242,046
Feb 20242,123
Jan 20242,621
Dec 20232,004
Nov 20232,128
Oct 20232,189
Sep 20231,974
Aug 20232,467
Jul 20232,052
Jun 20231,853
May 20232,245
Apr 20232,177
Mar 20232,277
Feb 20231,837
Jan 20232,551
Dec 20222,234
Nov 20222,130
Oct 20221,958
Sep 20222,578
Aug 20222,309
Jul 20222,361
Jun 20222,135
May 20222,154
Apr 20222,262
Mar 20222,262
Feb 20221,895
Jan 20222,442
Dec 20212,422
Nov 20212,566
Oct 20212,499
Sep 20212,516
Aug 20212,739
Jul 20212,659
Jun 20212,302
May 20211,957
Apr 20212,333
Mar 20212,443
Feb 20212,160
Jan 20212,491
Dec 20202,486
Nov 20202,322
Oct 20202,427
Sep 20202,482
Aug 20202,426
Jul 20202,456
Jun 20202,438
May 2020363
Apr 2020424
Mar 20201,937
Feb 20201,661
Jan 20201,911
Dec 20191,848
Nov 20191,910
Oct 20192,206
Sep 20191,830
Aug 20191,902
Jul 20192,114
Jun 20191,884
May 20192,070
Apr 20191,915
Mar 20191,653
Feb 20191,304
Jan 20191,550
Dec 20181,423
Nov 20181,866
Oct 20181,992
Sep 20181,985
Aug 20182,067
Jul 20182,539
Jun 20181,975
May 20181,740
Apr 20181,838
Mar 20181,881
Feb 20181,183
Jan 20181,072
Dec 20171,585
Nov 20171,980
Oct 20171,785
Sep 20171,680
Aug 20171,960
Jul 20171,780
Jun 20171,747
May 20171,980
Apr 20171,839
Mar 20171,903
Feb 20171,085
Jan 20171,185

Source: HDB. Data to Sep 2026.

The last 12 months

The 12 months to September 2026 had 24,658 resales, against 26,245 in the 12 months before. That is a fall of 6.0%.

From January to September 2026 the count was 19,638, against 20,065 a year earlier, a fall of 2.1%.

By our count, September 2026 ranks 41st highest of the 117 months since January 2017.

The highest month in the series is July 2024, at 3,036. October 2025, at 1,338, is the lowest of the last 36 months.

HDB resale transactions: the last 12 monthsNumber of resale flats registered in each month, October 2025 to September 2026.
HDB resale transactions: the last 12 months. Monthly resale counts run from a low of 1,338 in October 2025 to a high of 2,649 in July 2026, with 2,246 in September 2026.05001,0001,5002,0002,500Oct 25Jan 26Apr 26Jul 26HDB resale transactions: the last 12 months. Monthly resale counts run from a low of 1,338 in October 2025 to a high of 2,649 in July 2026, with 2,246 in September 2026.05001,0001,5002,0002,500Oct 25Jan 26Apr 26Jul 26

Latest: Resales 2,245 (Sep 2026).

Counts are by registration month. A month appears once it is complete.

Table view
PeriodResale transactions
Sep 20262,245
Aug 20262,518
Jul 20262,649
Jun 20262,125
May 20262,126
Apr 20261,933
Mar 20262,042
Feb 20261,661
Jan 20262,339
Dec 20252,024
Nov 20251,658
Oct 20251,338

Source: HDB. Data to Sep 2026.

MonthResalesAt S$1m or moreShare at S$1m or more
Oct 20251,338866.4%
Nov 20251,6581207.2%
Dec 20252,0241447.1%
Jan 20262,3391456.2%
Feb 20261,6611227.3%
Mar 20262,0421447.1%
Apr 20261,9331377.1%
May 20262,1261657.8%
Jun 20262,1251888.8%
Jul 20262,6491877.1%
Aug 20262,5182018.0%
Sep 20262,2452089.3%

The S$1 million count and the total count do not move together. The 12-month count of S$1m resales was 1,847, against 1,528 a year earlier, up 20.9%. Their share of all resales rose from 5.8% to 7.5%.

The latest month, Sep 2026, had 208 such sales, a share of 9.3%.

HDB resale flats sold for S$1 million or moreNumber of resales at S$1,000,000 or more in each month.
HDB resale flats sold for S$1 million or more. Million-dollar HDB resales were almost unknown before 2020, then climbed month by month to over a hundred a month in 2025 and 2026.05010015020020182020202220242026HDB resale flats sold for S$1 million or more. Million-dollar HDB resales were almost unknown before 2020, then climbed month by month to over a hundred a month in 2025 and 2026.05010015020020182020202220242026

Latest: S$1m+ 208 (Sep 2026).

Counts are by registration month. A month appears once it is complete.

Table view
PeriodResales at S$1 million or more
Sep 2026208
Aug 2026201
Jul 2026187
Jun 2026188
May 2026165
Apr 2026137
Mar 2026144
Feb 2026122
Jan 2026145
Dec 2025144
Nov 2025120
Oct 202586
Sep 2025172
Aug 2025141
Jul 2025167
Jun 2025132
May 2025142
Apr 2025141
Mar 2025108
Feb 2025121
Jan 2025119
Dec 202495
Nov 202487
Oct 2024103
Sep 2024106
Aug 2024105
Jul 2024120
Jun 202495
May 202473
Apr 202468
Mar 202460
Feb 202449
Jan 202474
Dec 202348
Nov 202345
Oct 202340
Sep 202342
Aug 202354
Jul 202332
Jun 202334
May 202334
Apr 202337
Mar 202339
Feb 202324
Jan 202340
Dec 202228
Nov 202226
Oct 202238
Sep 202245
Aug 202233
Jul 202233
Jun 202231
May 202230
Apr 202222
Mar 202227
Feb 202229
Jan 202227
Dec 202136
Nov 202129
Oct 202120
Sep 202123
Aug 202126
Jul 202119
Jun 202119
May 202113
Apr 202121
Mar 202117
Feb 202123
Jan 202113
Dec 202010
Nov 202013
Oct 202013
Sep 20208
Aug 20205
Jul 20209
Jun 20208
May 20202
Apr 20201
Mar 20205
Feb 20204
Jan 20204
Dec 20192
Nov 20194
Oct 20191
Sep 20194
Aug 20199
Jul 20198
Jun 20196
May 20198
Apr 20195
Mar 20197
Feb 20194
Jan 20196
Dec 20184
Nov 20188
Oct 20188
Sep 20187
Aug 20189
Jul 20186
Jun 201811
May 20181
Apr 20185
Mar 20188
Feb 20183
Jan 20181
Dec 20174
Nov 20175
Oct 20172
Sep 20173
Aug 20173
Jul 20179
Jun 20175
May 20176
Apr 20172
Mar 20174
Feb 20171
Jan 20172

Source: HDB. Data to Sep 2026.

Share of HDB resales at S$1 million or morePercent of the month's resales priced at S$1,000,000 or more, from 2025.
Share of HDB resales at S$1 million or more. The share of resales at S$1 million or more rises from about 5 to 6 per cent in early 2025 to 9.3 per cent in September 2026.0.0%2.0%4.0%6.0%8.0%10.0%Jan 25Apr 25Jul 25Oct 25Jan 26Apr 26Jul 26Share of HDB resales at S$1 million or more. The share of resales at S$1 million or more rises from about 5 to 6 per cent in early 2025 to 9.3 per cent in September 2026.0.0%2.0%4.0%6.0%8.0%10.0%Jan 25Apr 25Jul 25Oct 25Jan 26Apr 26Jul 26

Latest: Share 9.3% (Sep 2026).

The S$1 million count divided by the month's resale count.

Table view
PeriodShare of resales at S$1 million or more
Sep 20269.3%
Aug 20268.0%
Jul 20267.1%
Jun 20268.8%
May 20267.8%
Apr 20267.1%
Mar 20267.1%
Feb 20267.3%
Jan 20266.2%
Dec 20257.1%
Nov 20257.2%
Oct 20256.4%
Sep 20257.9%
Aug 20256.4%
Jul 20256.5%
Jun 20255.8%
May 20256.3%
Apr 20256.1%
Mar 20255.7%
Feb 20255.8%
Jan 20255.1%

Source: HDB. Data to Sep 2026.

Three towns, Toa Payoh, Queenstown and Bukit Merah, recorded 765 of the 1,847, or 41.4%, in the latest 12 months. The data cannot say why the count rose. It may be prices, the mix of flats sold, or both.

Where the S$1 million HDB flats were sold, Oct 2025 to Sep 20261,847 resales at S$1,000,000 or more, counted by registration month.
By town: the 8 towns with the mostToa Payoh293Queenstown250Bukit Merah222Kallang/Whampoa151Ang Mo Kio123Clementi105Bishan98Tampines96By flat type: all 1,847 flats4-room786 (43%)5-room660 (36%)Executive390 (21%)Other types11 (1%)

Propwise count from HDB's resale file on data.gov.sg (Singapore Open Data Licence). The file leaves out resales between relatives and partial-share resales. The other 509 flats were in towns not shown.

What is behind the swings in resale volume

The count shows what happened, not why. Analysts point to three forces.

1. The supply of flats reaching their minimum occupation period (MOP). An owner can sell on the open market only after the MOP. Flats reaching a five-year MOP numbered 11,952 in 2024, 6,973 in 2025 and 13,484 in 2026.

Resale volume was 27,832 in 2024 and 25,085 in 2025, a fall of 9.9%. SRI’s Mohan Sandrasegeran said in December 2025 that fewer MOP flats in 2025 left buyers with less choice and lowered volume.

The link is loose. The MOP count also halved from 2022 to 2024, yet volume held between about 25,000 and 28,000 a year. HDB counts BTO flats separately: 8,000 reached MOP in 2025, with 13,500 expected in 2026.

HDB flats reaching the 5-year minimum occupation period each yearFlats (sold and rental) in blocks completed five years earlier, by the year they reach five years. From 2015.
HDB flats reaching the 5-year minimum occupation period each year. Columns show how many HDB flats reach five years since their block was completed. The count dips to about 7,000 in 2025, then rises to 13,000 in 2026 and about 18,000 to 21,000 a year from 2027 to 2030.05,00010,00015,00020,00025,00030,00035,0002015202020252030HDB flats reaching the 5-year minimum occupation period each year. Columns show how many HDB flats reach five years since their block was completed. The count dips to about 7,000 in 2025, then rises to 13,000 in 2026 and about 18,000 to 21,000 a year from 2027 to 2030.05,00010,00015,00020,00025,00030,00035,0002015202020252030

Latest: Flats 19,379 (2030).

About figures: a Propwise count of flats by block completion year plus five, from HDB Property Information. It mixes BTO, SBF and other flats, and leaves out Plus and Prime flats (10-year MOP) and ECs. The year the key is collected is often one to two years after completion.

Table view
PeriodFlats reaching a 5-year MOP
203019,379
202917,992
202821,393
202718,939
202613,484
20256,973
202411,952
202315,549
202230,918
202122,982
202022,587
201928,911
201814,391
201710,518
201616,775
20158,443

Source: HDB. Data to 2030.

2. More new flats compete with resale. In the same December 2025 report, ERA’s Eugene Lim tied weaker resale demand to a sharp rise in sale-of-balance flat supply. A buyer who can wait for a new flat does not need to buy resale.

The count cannot show who chose a new flat instead.

3. The 28 July 2026 rule change. HDB removed the 15-month wait-out period for private owners who buy a non-subsidised resale flat without an HDB loan, EdgeProp reports. Lim of ERA said the July lifting coincides with the Q3 rise in deals, which ERA counts at 7,528, up 17.7% on Q2.

He thinks right-sizers moved first, and ERA notes the 5-room and Executive flats rose most.

Our count is by registration month, which follows the contract. Deals agreed after 28 July register later, so the full effect, if any, may not show yet. Other analysts expect the change to add deals but not move prices much.

Limits

  • Registration month, not contract month. HDB counts a resale when it registers, which is after the buyer and seller agree. A month’s count can therefore lag the market.
  • Partial months. The month in progress is not in the series until it is complete, so the newest month shown is always the last full month.
  • Months differ. They have different lengths and different numbers of working days.
  • One count for all flats. It includes every flat type and town, so it hides the mix. For choosing a flat, see how to choose an HDB flat.
hdb resale transactionstransaction volumehdb resale prices

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