HDB's Resale Price Index fell 0.3% in the second quarter of 2026, after a 0.1% dip in the first, which was the index's first fall since 2019. HDB cited the two declines on 28 July when it scrapped the 15-month wait-out for private owners. Transaction data shows the same thing town by town: a 4-room flat's median price was $630,000, almost the same as a year earlier. Several towns look like they jumped or fell, but those moves mostly reflect which flats sold, not a change in value.
What HDB reported for 2Q 2026
HDB published its final second-quarter figures on 24 July 2026, three weeks after a flash estimate that turned out almost exactly right.
| Measure | 2Q 2026 | Change |
|---|---|---|
| Resale Price Index | 202.8 | −0.3% on 1Q 2026 (203.4) |
| Resale Price Index, 1Q 2026 | 203.4 | −0.1% on 4Q 2025 |
| Resale transactions | 6,396 | +1.8% on 1Q (6,285); −9.9% on 2Q 2025 (7,102) |
| Flash estimate, 1 July | 202.7 | −0.3% |
For context, URA's private home price index rose 0.5% in the same quarter, so the gap between HDB and private prices widened slightly. More transactions but slightly lower prices means buyers had more flats to pick from, not that demand dried up.
Median prices by flat type
HDB's index is adjusted for flat age, size and location, so it doesn't give a dollar figure for any flat. For dollar figures I used HDB's own transaction records on data.gov.sg: 6,185 resale deals registered from April to June 2026. That total is slightly below HDB's 6,396 because the two sources count deals differently.
| Flat type | Deals | Median 2Q 2026 | 1Q 2026 | 2Q 2025 | Year on year |
|---|---|---|---|---|---|
| 2-room | 192 | $378,000 | $372,000 | $365,000 | +3.6% |
| 3-room | 1,491 | $440,000 | $445,000 | $448,000 | −1.8% |
| 4-room | 2,703 | $630,000 | $628,000 | $632,800 | −0.4% |
| 5-room | 1,418 | $738,000 | $745,000 | $738,444 | −0.1% |
| Executive | 375 | $920,000 | $900,000 | $908,500 | +1.3% |
A flat year for 4-room and 5-room flats and a small dip for 3-room flats is what the index describes. The median price per square foot was $594 for a 3-room flat, $619 for a 4-room and $580 for a 5-room.
2Q 2026 resale prices by town
Each figure is the median price, with the number of deals in brackets. A dash means fewer than ten deals, too few for a median to mean much. Each town name links to its price page, which covers the last 12 months by flat type and street.
| Town | 3-room | 4-room | 5-room | $1m+ deals | All deals |
|---|---|---|---|---|---|
| Ang Mo Kio | $425,000 (110) | $644,400 (82) | $1,030,000 (43) | 38 | 239 |
| Bedok | $412,500 (121) | $585,000 (123) | $816,500 (42) | 27 | 306 |
| Bishan | $538,000 (14) | $788,000 (55) | $978,000 (31) | 24 | 109 |
| Bukit Batok | $425,000 (92) | $645,888 (153) | $800,000 (85) | 1 | 369 |
| Bukit Merah | $430,000 (81) | $950,000 (109) | $1,017,500 (50) | 64 | 255 |
| Bukit Panjang | $435,000 (21) | $565,000 (95) | $685,000 (52) | 3 | 187 |
| Bukit Timah | — | — | — | 8 | 17 |
| Central Area | $566,500 (14) | $1,194,444 (24) | — | 20 | 46 |
| Choa Chu Kang | $430,000 (17) | $560,000 (139) | $662,000 (75) | 0 | 252 |
| Clementi | $435,000 (57) | $882,000 (53) | $1,225,500 (20) | 30 | 136 |
| Geylang | $358,000 (83) | $710,000 (58) | $928,500 (18) | 16 | 171 |
| Hougang | $450,000 (74) | $621,444 (150) | $720,500 (50) | 16 | 318 |
| Jurong East | $410,000 (42) | $559,444 (34) | $721,500 (26) | 5 | 116 |
| Jurong West | $404,000 (72) | $530,000 (152) | $635,000 (121) | 0 | 375 |
| Kallang/Whampoa | $456,944 (78) | $919,444 (72) | $971,250 (26) | 41 | 182 |
| Marine Parade | $454,444 (14) | $635,000 (13) | — | 2 | 29 |
| Pasir Ris | — | $630,000 (63) | $730,000 (58) | 6 | 174 |
| Punggol | $545,000 (47) | $680,000 (204) | $790,000 (106) | 7 | 398 |
| Queenstown | $477,944 (90) | $1,021,500 (76) | $1,240,000 (26) | 65 | 196 |
| Sembawang | $511,500 (28) | $595,000 (76) | $644,444 (40) | 0 | 184 |
| Sengkang | $545,000 (39) | $641,000 (204) | $680,000 (141) | 4 | 432 |
| Serangoon | $450,000 (27) | $670,000 (33) | $824,000 (18) | 5 | 82 |
| Tampines | $478,000 (103) | $668,000 (232) | $828,000 (143) | 27 | 530 |
| Toa Payoh | $375,000 (111) | $1,019,000 (90) | $1,043,400 (28) | 66 | 235 |
| Woodlands | $428,888 (51) | $550,000 (216) | $655,000 (147) | 12 | 474 |
| Yishun | $428,000 (99) | $545,000 (191) | $690,000 (57) | 4 | 373 |
The cheapest towns for a 4-room flat were Jurong West ($530,000), Yishun ($545,000) and Woodlands ($550,000). The most expensive were Central Area, Queenstown and Toa Payoh, all above $1 million. The cheapest 4-room and 5-room towns guide ranks every town over six months and separates cheap flats from short leases.
Why some town medians jumped
Clementi's 4-room median rose 32% on a year earlier, to $882,000. Read quickly, that looks like a boom. It isn't. In 2Q 2025 the typical 4-room flat sold there had 55 years of lease left. In 2Q 2026 it had 76 years, and the share with 90 years or more doubled, from 10% to 21%, as newer blocks passed their minimum occupation period. The town didn't get more expensive. Newer flats made up more of the sales.
Sembawang shows the reverse. Its 4-room median fell 6.6% because fewer new flats sold: flats with 90 years or more left fell from 71% of deals to 47%. Ang Mo Kio's 19% jump in 5-room prices has the same cause as Clementi's.
To see the real direction, compare flats with similar leases across the island. For 4-room flats:
| Remaining lease | Deals, 2Q 2026 | Median 2Q 2026 | Median 2Q 2025 | Change |
|---|---|---|---|---|
| Under 60 years | 539 | $550,000 | $560,000 | −1.8% |
| 60 to 80 years | 979 | $580,000 | $585,000 | −0.9% |
| 80 to 95 years | 1,183 | $710,000 | $700,000 | +1.4% |
Newer flats still gained a little. Older flats slipped, and the shortest leases slipped most. That split matters more to a seller than any town median. If your flat has less than 60 years left, price it against recent sales in your own block and street, not the town median. How HDB valuation works explains why.
Million-dollar flats
491 flats sold for $1 million or more between April and June, up from 411 in the first quarter and 415 a year earlier. The count comes from the transaction records. Most were 4-room (212) and 5-room (183) flats, plus 93 executive flats. Toa Payoh (66), Queenstown (65) and Bukit Merah (64) led. The highest price was $1,728,000 for a 5-room flat on the 46th to 48th floors of Block 96A Henderson Road, sold in April. More million-dollar sales while the index fell is consistent: more newer, central flats reached their MOP and sold, and they sold high.
July and August: an early read
Transaction records to the end of August show 5,170 deals in two months. The 4-room median was $625,000 and the 5-room median $735,000, a touch below the second quarter. 388 flats sold for $1 million or more. This covers only two-thirds of a quarter and doesn't yet show the full effect of the wait-out removal on 28 July. Treat it as a direction, not a result. HDB's flash estimate for the third quarter is due at the start of October.
What it means if you are selling or buying
- More flats to choose from. HDB says 13,500 flats reach their MOP in 2026, then 15,000 in 2027 and 19,500 in 2028, against 8,000 in 2025. Buyers get more choice every year. Sellers of ordinary flats in the same estates face more competition.
- A new group of buyers. Since 28 July, private property owners can buy a resale flat of any size without waiting 15 months. They must buy without grants or an HDB loan, and sell their private property within six months. That mostly helps sellers of larger flats in mature and central towns. The wait-out guide covers who qualifies.
- New BTO flats in October. HDB's October 2026 exercise offers about 7,960 flats in Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun. First-timers who can wait for a new flat may hold off on buying resale in those towns.
- Lease matters more than town. The table above shows the gap between young and old leases widening. Older-lease sellers should price realistically from the start instead of cutting later. How long it takes to sell sets out what an overpriced listing costs in time.
Your next steps
- Look up your own block's recent sales on neighbour prices and your town page on HDB prices by town.
- Get a free valuation that accounts for your remaining lease, floor and condition, not just the town median.
- If you are selling to upgrade, check the numbers on the next home with the affordability calculator and read selling after MOP.
Book a 15-minute call with me to go through your block's numbers. If you are comparing agents, the commission guide sets out what the fee should cover.
Sources and review date
Reviewed 17 Sep 2026. Official figures come from HDB's 2nd Quarter 2026 public housing data (24 July 2026), the flash estimate (1 July 2026), HDB's wait-out announcement (28 July 2026) for MOP supply, and URA's 2nd Quarter 2026 real estate statistics. Medians, lease splits, million-dollar counts and the July–August read are my own analysis of HDB's resale flat prices dataset on data.gov.sg (Singapore Open Data Licence), downloaded 17 September 2026, grouped by registration month.
Frequently asked questions
Did HDB resale prices fall in 2Q 2026?
Yes, slightly. HDB’s Resale Price Index fell 0.3% in the second quarter of 2026 to 202.8, after a 0.1% fall in the first quarter. It was the second quarterly decline in a row, while resale transactions rose 1.8% on the quarter to 6,396.
What is the median price of a 4-room HDB resale flat in 2026?
The median 4-room resale price was $630,000 in April to June 2026, based on 2,703 transactions in HDB’s data.gov.sg records. That is 0.4% below a year earlier. Town medians ranged from $530,000 in Jurong West to about $1.19 million in the Central Area.
Which town has the cheapest 4-room resale flats?
Jurong West had the lowest 4-room median in 2Q 2026 at $530,000, followed by Yishun at $545,000 and Woodlands at $550,000. Some cheap medians reflect short remaining leases, so compare flats with similar lease left.
How many HDB flats sold for over $1 million in 2Q 2026?
491 flats sold for $1 million or more between April and June 2026 in HDB’s transaction records, up from 411 in the first quarter. Toa Payoh, Queenstown and Bukit Merah had the most. The count comes from the transaction records.
This guide is general market information, not a valuation or financial advice. Medians describe transactions that happened, not what a particular flat will fetch. Get a valuation for your own flat before setting a price.