HDB resale prices up 2.1% in Q2 on firm demand, tight supply

It marks 17th straight quarter of increase; volume up 14.5% from same period in 2023

- Isabelle Liew

Prices of Housing Board resale flats climbed 2.1 per cent in the second quarter of 2024, a quicker pace than the 1.8 per cent growth in the previous quarter.

This marks the 17th consecutive quarter where prices have increased, according to flash estimates released by HDB on July 1. The trend started in the second quarter of 2020.

A total of 7,208 HDB resale flats changed hands in the second quarter of 2024, up 14.5 per cent from the same period in 2023, when 6,297 units were sold.

HDB said the increase in resale prices and volume was driven by strong broad-based demand for resale flats.

It also attributed the rise to "some supply tightness" in the market as fewer flats reached their minimum occupation period (MOP) in 2024 than in 2023.

Citing elevated mortgage rates, HDB advised households to be financially prudent when buying flats and ensure they can service their mortgages over the long term.

It said that while overall economic conditions are sound, the global economic outlook is subject to uncertainties stemming from ongoing geopolitical instabilities, which could result in supply and demand shocks.