HDB resale prices post lowest quarterly growth since 2020

Price growth slows for third straight quarter, with resale volumes also down

- Joyce Lim

Prices of Housing Board resale flats rose at a slower pace of 0.9 per cent in the second quarter of 2025 from the previous quarter, continuing a trend of moderating growth seen in recent quarters, early estimates from HDB showed on July 1.

The resale price index eased from the 1.6 per cent in the first three months of 2025.

This marked the third consecutive quarter of slowdown in price growth, and is the lowest quarter-on-quarter growth since the second quarter of 2020, HDB said.

HDB resale volumes also dropped. A total of 6,981 flats were sold from April to June 29, down 5 per cent from the 7,352 transactions in the same period in 2024.

This softening in resale demand and prices comes amid broader economic uncertainties.

The Government has said that Singapore's gross domestic product growth is expected to moderate in 2025, with global trade tensions and early signs of cooling labour demand weighing on sentiment.

"Given the highly uncertain macroeconomic outlook, households should continue to exercise prudence when purchasing properties and taking on mortgage loans," HDB said in a statement.

Property analysts said the slower pace of growth reflects a mix of macroeconomic headwinds and the pull of new flats being launched.