HDB resale price growth in Q3 slows; private home sales increase

New BTO, SBF flats a possible factor leading to the slower pace of increase for resale flats

- Joyce Lim Senior Correspondent

Resale Housing Board flat prices saw the slowest quarterly increase in nearly five years in the third quarter of 2025, as the market continued to cool.

Prices inched up by 0.4 per cent from July to September, down from the 0.9 per cent in the second quarter and 1.6 per cent in the first quarter, based on the HDB resale price index.

HDB said on Oct 24 that this marks the fourth straight quarter of moderated growth, with the latest quarterly uptick the lowest since the second quarter of 2020.

Resale activity was up 1.7 per cent, with 7,221 transactions from July to September, compared with the 7,102 transactions in the previous quarter. However, compared with the same period in 2024, resale volumes were 11.3 per cent lower, HDB noted.

Property analysts noted the moderation in price growth came amid stronger sales volume, as demand continued to be resilient.

The slower pace of increase could be due to some buyers turning to the roughly 30,000 Build-To-Order and Sale of Balance Flats (SBF) launched in 2025. Some of these flats were in attractive locations, already completed or had shorter waiting times, they said.

Ms Christine Sun, chief researcher and strategist of Realion (OrangeTee & ETC) Group, noted that the market has now recorded 22 consecutive quarters of growth since the second quarter of 2020 — the longest uninterrupted uptrend to date.

Resale prices have increased by 2.9 per cent year to date, which is slower than the same periods in 2023 and 2024, said Ms Sun.

Prices have surged by 54.9 per cent since early 2020, widening the gap between seller expectations and buyer affordability.