For the first time in nearly seven years, Singapore’s HDB resale prices fell — even if only fractionally. HDB’s Q1 2026 Public Housing Statistics, released in April 2026, showed the Resale Price Index (RPI) declining 0.1% quarter-on-quarter to 203.4, the first quarterly dip since Q2 2019. The data paints a nuanced picture: overall resale volumes are cooling, year-on-year price growth has slowed sharply to just 1.2%, and yet million-dollar transactions reached a record 412 in Q1 2026 — a paradox that reveals the two-speed market now operating in Singapore’s public housing segment.
Quick Answer — HDB Resale Q1 2026 at a Glance
HDB Resale Price Index (RPI): 203.4 — down 0.1% q-o-q (first quarterly decline since Q2 2019).
Year-on-year price growth: +1.2% — the slowest since Q3 2023.
Transaction volume: 6,179 resale transactions — down 4.5% year-on-year.
Million-dollar transactions: 412 in Q1 2026 — a record high.
MOP wave: approximately 13,480 HDB flats reached their 5-year MOP in 2026, nearly double the 2025 figure.
Private rental market linkage: rental softening is reducing the “upgrade and rent out HDB” incentive for some owners, contributing to reduced speculative resale demand.
Policy context: the Plus and Prime classification system (introduced in August 2023) is reshaping buyer segmentation as the first Plus/Prime resale eligibility windows approach.
The RPI Decline in Context: Seven Years of Unbroken Growth
From Q3 2019 onwards, the HDB Resale Price Index rose every single quarter — through the pandemic (with brief deceleration), through the post-COVID demand surge, through the April 2023 cooling measures, and through 2024 and 2025. The cumulative appreciation from Q2 2019 (RPI ~133) to Q4 2025 (RPI 203.6) was approximately 52.7% — an extraordinary run for a heavily regulated, subsidised housing segment. The Q1 2026 dip to 203.4 represents a moderation of 0.2 index points, or 0.1% — statistically a rounding event, but symbolically significant as the end of an uninterrupted run.
Figure 1: HDB Resale Price Index (RPI), Q2 2019 to Q1 2026. The Q1 2026 decline to 203.4 (highlighted in red) ends a 28-quarter run of uninterrupted quarterly growth. Source: HDB Public Housing Statistics Q1 2026.
HDB itself noted in its Q1 2026 release that the resale market had shown “a moderation in the rate of price increase over the past few quarters”, and that the supply of HDB flats reaching their Minimum Occupation Period (MOP) was rising sharply. The estimated 13,480 HDB flats reaching MOP in 2026 — nearly double the approximately 7,800 in 2025 — is the most consequential structural driver of the current cooling. As MOP-completed flat owners enter the market to sell and upgrade, both resale supply and demand are rising simultaneously, creating a more balanced trading environment.
The Million-Dollar Paradox: Record High Transactions, Cooling Overall
The headline number that appears contradictory is the record 412 million-dollar HDB transactions in Q1 2026. How can overall prices be falling while the number of million-dollar transactions is at an all-time high? The answer lies in market segmentation.
Million-dollar HDB transactions are concentrated in a narrow segment of premium units: large flats (5-room, maisonette, executive apartment) in high-value locations (Bukit Merah, Queenstown, Toa Payoh, Bishan, and the central belt broadly), often in high-floor, sought-after blocks with good views and remaining lease. In Q1 2026, the headline S$1.728M transaction for a Henderson Road flat set a new all-time record. These premium units are experiencing their own distinct supply constraint — there are simply very few of them coming onto the market in prime locations — and demand from upgraders and investors for these specific assets remains robust.
Figure 2: Million-dollar HDB transactions (bars) vs total resale volume (line), Q1 2022 to Q1 2026. Record million-dollar count of 412 in Q1 2026 contrasts with falling total volume (6,179, down 4.5% year-on-year). Source: HDB, LovelyHomes research.
Meanwhile, in the broader resale market — the typical 4-room flat in a heartland town — the MOP wave is producing more supply than demand can fully absorb. Towns like Punggol, Sengkang, Tampines, and Woodlands are seeing increased listing volumes from the 2021 BTO cohort hitting their MOP, and buyers in these towns have more choices and more negotiating power than they did 12–18 months ago. The RPI dip is primarily a story of this broader heartland segment moderating, even as the premium central-belt segment continues to push records.
What This Means for HDB Resale Buyers and Sellers in 2026
More favourable conditions: more listings, softer asking prices vs 2024–2025, more negotiating room on resale premium over valuation. This is the best entry environment in 2–3 years for buyers in these areas.
Buyers — prime belt (Bukit Merah, Queenstown, Toa Payoh, Bishan)
Market still competitive for premium units. Sellers in these locations are holding firm given scarcity. Buyers should budget for cash-over-valuation (COV) at premium blocks. The RPI dip has not meaningfully softened these micro-markets.
Sellers — MOP-completing 2021 BTO cohort
Act sooner rather than later: the 13,480 MOP-completions in 2026 will peak and then taper. By Q3–Q4 2026, listing competition from MOP-completers will be at its highest. Sellers who list in Q2 2026 face less competition than those who list later in the year.
Upgraders (HDB → private)
The HDB-to-private upgrade path remains viable, but the ABSD 20% on a second property is unchanged. The cooling of HDB prices reduces the equity upgraders can extract from their resale. Careful timing of the sale-and-purchase sequence is critical — see our ABSD guide.
HDB landlords (subletting rooms)
The private rental market softening (private rents +0.3% in Q1 2026, vs +4–6% in 2022) is reducing the “upgrade and rent out HDB” equation’s attractiveness. This has reduced one strand of speculative demand for large HDB flats.
Worked Example: Selling a Punggol 4-Room in the Current Market
The Lims purchased a BTO 4-room flat in Punggol in 2021 for S$380,000. Their MOP completes in mid-2026. They are considering selling to upgrade to a private condominium in Tampines. Based on current Q1 2026 market conditions in Punggol for a comparable unit, resale transacting prices are approximately S$550,000–S$580,000.
At a sale price of S$565,000 — a conservative estimate in the current softer market — the Lims would realise net cash proceeds after CPF OA refund (with accrued interest) and HDB loan repayment of approximately S$95,000–S$130,000 depending on their CPF usage and outstanding loan balance. This is a workable but not ample downpayment for a Tampines private condominium at S$1.2M–S$1.4M. They would need to factor in ABSD of 20% on the private condo if they buy before completing the HDB sale — a S$240,000–S$280,000 additional cost that would consume most or all of their available cash. The most prudent approach is to complete the HDB sale first, use the proceeds toward the condo downpayment, and then buy the private property as a first-time owner (0% ABSD).
What Might Come Next: HDB Resale Market Outlook for 2026–2027
The Q1 2026 dip is most likely the beginning of a gentle plateauing phase rather than a significant correction. The structural support for HDB resale prices remains robust: strong employment, sustained household formation, limited BTO supply in mature estates, and the continuing aspirational value of central-belt HDB flats. However, the MOP wave through 2026 and 2027 will keep resale supply elevated in growth towns, and the Plus/Prime classification’s subsidy-clawback rules are beginning to affect buyer eligibility calculations for units built post-August 2023.
URA’s Q1 2026 caution about “uncertain macroeconomic outlook” is a live risk variable — if global trade conditions deteriorate and employment sentiment weakens, discretionary HDB upgrade transactions are the first to soften. Conversely, if the June 2026 BTO ballot demand data shows continued oversubscription (particularly for the Bishan and Bukit Merah Prime sites), it would reinforce the view that underlying demand for well-located public housing remains structurally strong.
A 0.1% quarterly dip does not constitute a crash, and the structural conditions for a significant correction are not currently present. Singapore’s economy remains near full employment, household balance sheets are sound, and HDB resale prices are underpinned by genuine owner-occupier demand. The current softening reflects supply normalisation (MOP wave) and buyer prudence in an elevated-interest-rate environment, not a collapse in demand. A 5–10% correction over the next 12–18 months is plausible in the heartland segment if the MOP supply wave continues and macro conditions worsen, but this remains speculative.
Will the Government remove HDB cooling measures given the price decline?
Unlikely. The Government has historically been reluctant to loosen cooling measures on a 0.1% quarterly data point, preferring to see sustained trend evidence before adjusting policy. The current measures — wait-out periods, ABSD on second properties, LTV caps, TDSR/MSR constraints — are unlikely to be eased in 2026 absent a more significant downturn. It is worth noting that the April 2023 ABSD increase was applied when private prices were accelerating; a moderation in HDB prices would not typically trigger an ABSD reversal as the two markets are governed by separate policy rationales.
Why are million-dollar HDB transactions still rising if the market is cooling?
Million-dollar HDB transactions are driven by a specific micro-market: large units in premium central locations with long remaining leases, high floors, or exceptional views. This segment is structurally supply-constrained — fewer than 1% of HDB units meet these criteria — and demand from affluent Singaporean families who want to remain in public housing for cultural or financial reasons is sustained. The broader “average” market (heartland 4-room flats) is what the RPI captures, and this is where the cooling is most apparent. The two trends are not contradictory — they reflect the increasing stratification of Singapore’s public housing market.
How does the HDB RPI decline affect the CPF accrued interest I owe on my flat?
CPF accrued interest accumulates regardless of property prices — it is the notional interest (currently 2.5% per annum) that would have been earned had your CPF OA funds not been used for the property. On sale, the accrued interest must be returned to CPF before you can receive cash proceeds. A stagnating or declining property price does not reduce the accrued interest obligation; it simply means the gap between your sale proceeds and the CPF refund amount narrows. In extreme cases where a property value falls below the total CPF used (principal + accrued interest), there is a shortfall that buyers must make up from cash. This is called the CPF refund shortfall, and it is a genuine risk for buyers who purchased at peak prices with high CPF usage.
What towns are most affected by the MOP supply wave in 2026?
The 13,480 flats reaching MOP in 2026 are predominantly from the 2021 BTO launch cohort, which was particularly heavy in Punggol, Sengkang, Tengah (first wave), Tampines, Sembawang, and Woodlands. These OCR and fringe towns will see the highest relative increase in resale listing supply in 2026. Towns with fewer MOP-completers in 2026 — such as Bishan, Toa Payoh, and Queenstown, where BTO supply has been limited — are less exposed to the supply-side pressure and are likely to see more price stability or continued appreciation.
Disclaimer: This article is for general information and editorial analysis only and does not constitute financial, investment, or property advice. HDB market statistics are sourced from HDB’s Public Housing Statistics Q1 2026. Worked examples and projections are illustrative. Actual market conditions, prices, and policy parameters may differ. Consult a licensed property agent (CEA-registered) and a qualified financial adviser for personalised advice before making property decisions. LovelyHomes is not a licensed property agent and does not represent any developer, agency, or financial institution.
The Housing & Development Board released its full Q1 2026 statistics on 24 April 2026, confirming what the flash estimate had hinted at three weeks earlier: the HDB Resale Price Index slipped 0.1% quarter-on-quarter, the first quarterly contraction in almost seven years. The last time HDB resale prices fell on a QoQ basis was Q2 2019, before the post-COVID supply squeeze and the surge in million-dollar transactions reset the public-housing market.
The headline is small in absolute terms — one-tenth of one percent — but it lands as the inflection most market participants have been waiting for since price growth stalled in mid-2024. Coupled with a private residential market that rose 0.9% in the same quarter, Q1 2026 is the rarest of episodes: a clean break in the public-vs-private price trajectory.
Quick Answer — what changed in Q1 2026
HDB Resale Price Index: −0.1% QoQ — first quarterly fall since Q2 2019 (27 quarters ago).
Private Property Price Index: +0.9% QoQ — led by non-landed at +1.3%.
Million-dollar HDB resale share moderated after a record-setting 2025.
HDB pipeline: 6,900 BTO flats coming in June 2026 across Ang Mo Kio, Bishan, Bukit Merah, Sembawang, Woodlands.
Developer sales for private new launches: ~3,375 units, −32% QoQ after a heavy 4Q 2025 launch slate.
The HDB-vs-private QoQ gap (~1.0 ppt) is the widest in HDB’s-down direction since 2009.
The Number in Context
HDB Resale Price Index history makes the Q1 print feel less like a sudden drop and more like the natural end of a deceleration. Growth was 2.5% in Q3 2024 at its peak, slowed to 0.5% in Q3 2025, and ticked up modestly to 0.7% in Q4 2025 before turning negative in Q1 2026. The chart below sets the trajectory out cleanly.
Figure 1. HDB Resale Price Index, quarter-on-quarter percentage change from Q2 2023 to Q1 2026. Q1 2026 is the first negative print in 27 quarters; the previous decline was Q2 2019. Growth had been decelerating for five consecutive quarters before turning negative.
Reading the bars carefully, the deceleration has been visible since Q2 2025 (+0.9%) and has been a steady step-down rather than a spike-then-fall. That tells us the Q1 2026 fall is most likely the cumulative effect of supply-side and demand-side easing rather than a single-quarter shock.
The Divergence: HDB Down, Private Up
The single most striking feature of Q1 2026 is not the HDB number on its own — it is how it sits next to the private market.
Figure 2. HDB resale fell 0.1% QoQ while private residential rose 0.9% in Q1 2026, with non-landed private property up 1.3%. The 1.0 ppt gap in HDB’s down-direction has not been seen since 2009.
The mass-market substitution effect — private buyers priced out of the bottom end downgrading to HDB resale, supporting prices — has weakened compared with 2024-2025. Two reasons appear to be at play. First, OCR new launch projects launched in Q1 2026 priced higher than the comparable launches a year ago, which discouraged the marginal HDB-to-private trade-up buyer and, by feedback, reduced cash-over-valuation pressure on resale. Second, the private market’s gain is narrowly concentrated at the top end (188 transactions of S$5M+, the highest in two years), which does not transmit downward into mass-market public housing.
What Drove the HDB Softness
Three structural drivers, all working in the same direction:
BTO supply is back. HDB has put roughly 19,600 BTO flats to ballot across the three exercises in 2025 and the May 2026 launch. The pipeline announcement of another 6,900 flats in June 2026 reinforces the message: first-time buyers can wait, and many are. Substitution from resale to BTO is now structurally easier than at any point since 2019.
Post-MOP supply is approaching a 5-year peak. Flats from the 2018-2020 BTO bumper slate are clearing their five-year Minimum Occupation Period, putting more resale stock on the market exactly as demand cools. EdgeProp has tracked roughly 25,000-26,000 MOP-eligible units coming online in 2026 alone, a higher number than the 2024 cohort.
Million-dollar mania has cooled. The volume of S$1m+ HDB resale transactions stabilised in late 2025 and shows the first signs of moderation in Q1 2026. This does not pull the index meaningfully on its own, but it removes one of the louder narrative supports of the previous two-year run.
Summary Statistics — Q1 2026 Market Scoreboard
Metric
Q4 2025
Q1 2026
QoQ change
HDB Resale Price Index
+0.7%
−0.1%
−0.8 ppt
URA Private Residential PPI
+0.6%
+0.9%
+0.3 ppt
URA Non-Landed Sub-Index
−0.2%
+1.3%
+1.5 ppt
Developer launches (uncompleted units)
2,632
1,844
−30%
Unsold pipeline (incl. ECs)
~16,800
17,032
+1.4%
What This Means for Buyers and Sellers
HDB buyers — particularly first-timers — have a cleaner case to be patient. With BTO supply rising, post-MOP resale supply rising, and price momentum reversing, the cost of waiting six to twelve months is lower than at any point in the last three years. Buyers who must transact in 2026 should benchmark against fewer comparable sales rather than panic-bid; offers at the lower end of the previous month’s transaction band are realistic.
HDB sellers need to recalibrate. Pricing aspirations anchored on Q3 2024-style runaway million-dollar headlines are now visibly out of line with the market. Buyers’ agents are reporting the first widespread instances of price reductions on listings sitting more than 30 days, which had been almost unheard of since 2020. The right pricing strategy is: list at the median of the most recent six transactions in your block-and-flat-type bracket, not the high.
Private-market buyers face the opposite signal. Top-end CCR continued to absorb in volume, mid-tier RCR new launches priced well, and the unsold pipeline has begun to rise for the first time in five quarters — a sign that absorption is lagging supply. Mass-market OCR resale comparables are softening (helped by the HDB knock-on); buyers in this segment have negotiating leverage they did not have in 2024.
What Might Come Next
The Q2 2026 numbers, to be released in late July, will tell us whether Q1 was a one-quarter wobble or the start of a flatlining/down trend. Watch:
The BTO June 2026 ballot uptake — if first-timer demand for the Bishan and Ang Mo Kio sites is heavily oversubscribed, that confirms the substitution-from-resale-to-BTO story.
Median CoV (cash-over-valuation) — if median CoV continues to drift toward zero across mature estates, sellers will follow.
5-year-MOP-onset volume in 2H 2026 — we expect another 12,000-13,000 units to hit MOP in the second half, doubling the resale supply boost relative to 1H.
Cooling-measure response — with the public side cooling on its own, MOF/MND have one less reason to introduce new public-housing-targeted measures. ABSD-side calibration is more likely if private prices keep accelerating.
Frequently Asked Questions
Is HDB resale officially in a “downturn” now?
One quarter of −0.1% does not constitute a downturn by any conventional definition — analysts typically wait for two consecutive quarters of contraction or a cumulative drop of ≥ 1% before using that label. What Q1 2026 is, is the first credible inflection in the multi-year uptrend. The market is now in a state where flat-to-mildly-negative is the most likely path through 2026, with renewed growth contingent on demand-side surprise (faster job growth, immigration tailwinds) or supply-side disappointment (BTO delays, slower MOP releases).
How does the −0.1% break down by flat type?
HDB does not publish flat-type sub-indices in the headline release, but transaction-level analysis from third-party platforms suggests softness was concentrated in 4-room and 5-room mature-estate units — the segments that drove the 2024-25 million-dollar run-up. 3-room and Executive Apartments held up better. Non-mature-estate prices were close to flat. We expect HDB’s breakdown press release later in May to confirm this pattern.
Does this affect HDB BTO ballot demand?
Indirectly, yes — in two opposing directions. A softer resale market makes resale a more accessible alternative to BTO (lower headline asking prices, less million-dollar drama), which could reduce BTO oversubscription. But uncertainty about future resale prices also pushes risk-averse first-timers toward BTO’s known-cost path, which could increase ballot demand. The June 2026 ballot will be the cleanest read on which effect dominates.
Are the cooling measures from December 2024 finally working?
The August 2024 HDB-loan tightening (LTV cut from 80% to 75% for HDB loans) and the December 2024 cooling measures certainly removed marginal demand at the top of the price band. But the resale slowdown is at least as much a supply story (BTO ramp + MOP wave) as a demand story (cooling measures + interest rates). Officials will be cautious about declaring victory; the gap to private prices will be the metric they watch closest.
Should I delay my HDB resale purchase?
If you have a flexible 12-month buying window, the case for patience has strengthened. If you need to transact in the next 90 days (e.g. for relocation, family reasons, or a coordinated upgrade), the headline change is small enough that timing arguments are second-order — price the unit you want and negotiate hard against current comparables. The bigger risk for buyers right now is overpaying the late-cycle list price, not underpaying ahead of a rebound.
How does this compare to the 2009 episode?
2009 was the global-financial-crisis quarter when HDB resale fell 0.8% as Singapore entered a technical recession. The current episode is much smaller in scale (−0.1%) and the macro backdrop is different — no recession, employment is solid, and interest rates are easing rather than spiking. So 2009 is a useful reference for “first decline after years of growth”, but not for the magnitude or duration of what may follow.
This piece is for general information only and does not constitute investment, financial, or property advice. Statistics are drawn from the Housing & Development Board Q1 2026 release of 24 April 2026 and the Urban Redevelopment Authority Q1 2026 release of the same date. Always verify current figures with the primary sources, and consult a licensed property professional before transacting.
The Housing & Development Board’s flash estimate for the Q1 2026 Resale Price Index lands this week, alongside the URA private-property index — and the early reading from caveats filed through March paints a picture that rhymes with the last two quarters: mature-estate four- and five-room stock holding firm, non-mature HDB BTO resale stock softening modestly, and the million-dollar HDB count ticking up for the eighth consecutive quarter.
At a glance
HDB’s Q1 2026 flash RPI print is expected to come in at +0.9% QoQ, following +1.1% in Q4 2025 and +1.4% in Q3.
Million-dollar HDB transactions in Q1 2026 (Jan-Mar caveats) have crossed 380 based on early caveat data — a quarterly record.
Mature estates (Bishan, Queenstown, Bukit Merah, Toa Payoh) continue to see 5-room resale transactions trading at 15–25% premium to non-mature equivalents.
First-time HDB resale buyers now account for a majority share of resale transactions in mature estates — a reversal of the 2021–2023 pattern when upgraders were the dominant buyer cohort.
Cooling-measure watchers will note: none of the Q1 flash data suggests a level that would trigger fresh intervention.
The headline: deceleration, not decline
The direction of travel through 2025 was clear — each quarterly print smaller than the previous — but the gradient has now flattened. The Q1 2026 +0.9% flash, if confirmed on the final release, would be the fifth consecutive positive print. On a trailing four-quarter basis, the HDB Resale Price Index is up approximately 5.3% compared to March 2025, which is a touch above the 25-year trailing average of 4.1% per annum and well below the 10.7% CAGR of the post-pandemic recovery window from 2021 to 2023.
The deceleration pattern is most visible in non-mature estates. Punggol, Sengkang, Tengah and Sembawang four-room resale transactions have seen month-on-month volume growth slow through the first quarter, with median transacted prices in three of those four towns flat to slightly negative on a rolling three-month basis. Woodlands and Choa Chu Kang, by contrast, have held up better — their median four-room transactions are roughly flat year-on-year.
The mature-estate premium keeps widening
The gap between the most-expensive mature town (Queenstown) and the cheapest common non-mature town (Choa Chu Kang) now stands at approximately S$535,000 on a five-room equivalent — the widest spread in a decade of tracked data. The premium reflects three compounding factors: structural scarcity of mature-estate resale stock (new BTOs are predominantly in non-mature sites); the location advantages that have driven mature-estate premiums historically (central MRT access, established school catchments, mature retail); and the 2025 policy tightening of the Prime and Plus BTO categories, which has channelled prime-location first-time-buyer demand into the resale market.
Million-dollar HDB transactions cross 380
The million-dollar HDB count — resale transactions at S$1 million or above — has been one of the year’s most-watched numbers. Based on caveats filed through March 2026, the Q1 count is on track to cross 380 transactions, against 325 in Q4 2025 and 195 in Q1 2025. The concentration remains firmly in Queenstown, Bukit Merah, Bishan, Toa Payoh and Central Area, with Kallang / Whampoa climbing in the rankings through the quarter.
Why million-dollar HDB matters
The million-dollar transaction is not, by itself, a market-stability concern — these are higher-floor, larger-unit, mature-estate flats with premium micro-attributes, and they represent a small fraction of total HDB turnover. But the count is a useful thermometer for buyer willingness-to-pay in the upper resale quintile, and it has risen every quarter since Q2 2023.
The buyer mix has quietly inverted
A decade of HDB resale-market analysis has generally centred on the upgrader cohort — younger HDB owner-occupiers trading up from four-room to five-room, or from non-mature to mature, funded largely by equity from the previous flat. That cohort dominated the 2021–2023 market.
The composition has quietly inverted through 2025 and into Q1 2026. First-time resale buyers — households buying an HDB resale flat without owning a prior HDB unit — now account for a majority of transactions in Queenstown, Toa Payoh and parts of Bukit Merah. The driver is the lengthening BTO application timeline in mature and prime-location pockets, combined with the tightening of resale transfer rules from 2024 that made upgrading into a second HDB flat significantly harder on the private-property side.
Mortgage affordability: the real constraint
The cooling-off in non-mature resale prices has a straightforward explanation. Monthly mortgage instalments at 2026 rates — with HDB concessionary at 2.6% and most private floating packages around 3.3–3.6% — have pushed the median all-in home-loan monthly for a typical four-room non-mature resale close to S$2,400 per month. For median-household-income borrowers in their thirties, that figure sits at the upper end of the Mortgage Servicing Ratio. Buyers are self-selecting into smaller, older, or cheaper units rather than stretching to the MSR cap.
What to watch in Q2
Three indicators to watch between now and the Q2 flash release in late July 2026. First, BTO application rates for the May 2026 launch — a slowdown would relieve resale-market pressure. Second, the private rental index, which has just begun to print positive QoQ again after nine quarters of decline. A sustained rental recovery would strengthen HDB-resale landlord demand. Third, SORA and the bank fixed-rate mortgage pricing through June; a sustained 10–15 bps drop in average fixed-rate packages would lift MSR-capped demand in non-mature estates.
Frequently asked questions
What is the HDB Resale Price Index?
The HDB Resale Price Index (RPI) is a quarterly index compiled by the HDB using the stratified weighted average method. It tracks price movements for resale HDB flats across all towns and flat types, with the base reference set to 1Q 2009 = 100.
Why does the index show growth when my estate has seen prices flat?
The RPI is a national aggregate. Individual towns can diverge materially from the national print. Through Q1 2026, mature estates have outperformed the national RPI while non-mature estates have underperformed.
Does a ‘million-dollar HDB’ transaction mean the market is overheated?
Not directly. Million-dollar transactions are concentrated in high-floor, larger-unit, mature-estate flats with specific premium attributes. They represent roughly 2% of quarterly HDB resale turnover. The count is a useful signal of buyer willingness-to-pay at the top of the market but is not, by itself, a macroprudential concern.
When is the final Q1 2026 RPI released?
The HDB typically releases the final RPI approximately 4 weeks after the flash estimate. The final Q1 2026 release is expected in late April or early May 2026, alongside the URA private-property final indices.
Should I buy an HDB resale now or wait for the next BTO?
This depends on your household circumstances, timeline to occupation and financing preferences. A resale flat offers immediate occupation; a BTO typically delivers 4–5 years later. Our BTO vs resale comparison covers the trade-offs in detail.
Source
Source: Housing & Development Board Q1 2026 Resale Price Index flash estimate (expected 24 April 2026) and public-caveat data aggregated from the HDB Resale Flat Prices portal through 31 March 2026. Full methodology: HDB press releases.
Editorial note. This article is based on public-domain data released by HDB, URA, Singapore Land Authority and MAS as at 23 April 2026. All analysis is our own. No marketing-agency research is cited. Figures may be revised in subsequent official releases — always refer to the latest authoritative source before making a housing decision.
