HDB resale prices up 9.6% in 2024, with price growth slowing in Q4

Prices of Housing Board resale flats rose 9.6 per cent in 2024 – a quicker pace than the 4.9 per cent increase recorded in 2023.

- Isabelle Liew

Resale prices have risen continuously on a quarterly basis since the second quarter of 2020.

But price growth slowed in the last three months of 2024, when prices rose 2.5 per cent, lower than the 2.7 per cent growth in the preceding quarter, flash estimates from HDB showed on Jan 2.

Fewer resale flats were sold in the fourth quarter of 2024, with the number falling by 22.5 per cent to an estimated 6,314 units, from 8,142 units in the third quarter.

Property analysts said the demand for homes was diverted to the Build-To-Order (BTO) market in the last three months of 2024, with the launch in October offering more than 8,500 flats in nine towns, including Ang Mo Kio, Kallang/Whampoa, Bedok and Woodlands.

In all, 28,876 resale flats changed hands in 2024 as at Dec 30 – 8 per cent higher than the 26,735 flats in 2023.

Ms Christine Sun, chief researcher and strategist at property firm OrangeTee Group, said the price growth for some flat types slowed from October to December, which contributed to the overall slowdown.