HDB Resale Prices Experience Slowest Quarterly Growth Since 2020

In the second quarter of 2025, prices for Housing and Development Board (HDB) resale flats increased by just 0.9% compared to the previous quarter. This continuing trend of moderated growth follows three consecutive quarters of slowing price increases, as reported by early estimates from HDB on July 1. The resale price index saw a slight dip of 1.6% in the first three months of 2025.

This represents the third consecutive quarter in which price growth has slowed down, marking the lowest quarterly increase since the second quarter of 2020. In addition, HDB resale transaction volumes have fallen. A total of 6,981 flats were sold from April to June 29, which is a 9% decline from the 7,352 transactions recorded during the same period in 2024. Experts have noted that broader economic concerns could be affecting demand.

Christine Sun, chief researcher and strategist at OrangeTee, emphasized the need for cautious behavior among buyers as the market adjusts to new supply levels and economic conditions. The slowing demand for resale flats coincides with the opening of new developments and the resale of executive flats in various locations.

Overall, market observers indicate that while HDB resale prices still reflect a general upward trend, the pace of such increases has significantly moderated.