HDB resales sink 27.2% in Q4 as buyers switch to new flats

Quarterly transactions hit lowest level since 2020 amid year-end slowdown

Singapore HDB resale transactions fell sharply in the fourth quarter (Q4) of 2025, with volumes declining 27.2% quarter-on-quarter (QoQ) to 5,256 units, according to OrangeTee, a member of Realion Group.

This marked the lowest quarterly resale volume since second quarter of 2020, when transactions were disrupted by pandemic-related restrictions.

The decline also represented an 18.2% year-on-year (YoY) drop compared with 6,424 units in Q4 2024. For the full year, 26,169 resale flats were transacted in 2025, down 9.7% from 2024 and 2.1% below 2023 levels, reflecting a broader slowdown in market activity.

OrangeTee attributed the weaker resale performance to a shift in buyer demand towards Build-To-Order (BTO) and Sale of Balance Flats exercises, which drew over 110,000 applicants across three sales launches in 2025, a three-year high.

Increased new flat supply and shorter waiting times reduced the urgency for buyers to enter the resale market.

The research also noted widening price expectations between buyers and sellers, with resistance to higher asking prices contributing to longer transaction timelines and fewer completed deals. Seasonal factors further weighed on activity, as resale transactions typically slow during the year-end holiday period.

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