HDB resale prices slip 0.6% in April as volumes fall 5.4%

99.co and SRX data showed softer sales and prices, with quarterly dip also recorded.

HDB resale prices declined 0.6% in April 2026, whilst transaction volumes fell 5.4% month on month, according to data from 99.co and SRX.

Year on year, prices remained broadly stable compared with April 2025, whilst resale volumes were 15.9% lower.

“HDB resale data for April reflects a market that is normalising after a period of stronger momentum,” said Mr. Luqman Hakim, chief data & analytics officer at 99.co and SRX.

“Prices are edging down slightly, volumes are pulling back more noticeably, and both buyers and sellers are recalibrating expectations, but overall stability remains intact," he added.

By flat type, resale prices fell 0.9% for 3-room flats, 1.7% for 5-room flats, and 1.3% for executive flats, whilst 4-room flats rose 0.1%. By estate type, prices in mature estates fell 1.4%, whilst non-mature estates declined 0.4%.

A total of 1,943 resale flats were transacted in April, compared with 2,054 units in March. 4-room flats accounted for 44.7% of total transactions, followed by 5-room flats at 23.3%, 3-room flats at 25.6%, and executive flats at 6.4%.

“On the pricing front, the 0.6% month-on-month dip suggests that buyer resistance is starting to show, particularly after several months of relatively firm price levels,” Hakim said.

“At the same time, the fact that prices are broadly flat year on year indicates that this is more of a short-term adjustment than a sustained decline,” he added.

He also noted that volumes were affected by a more cautious global economic outlook and the continued inflow of flats reaching their Minimum Occupation Period (MOP), estimated at about 13,000 units in 2026.

The report also noted 138 million-dollar resale flats were transacted in April, down from 145 in March, representing 7.1% of total resale volume.

The highest transaction during the month was a $1.728m 5-room flat at City Vue @ Henderson. In non-mature estates, the highest transaction was a $1.18m executive flat at Woodlands Street 81.

“Despite the softer volume, high-end transactions continue to appear in the market,” Hakim said. “This shows that price ceilings are still being tested in select locations and flat types.”

Looking at the wider market, HDB resale prices dipped 0.1% in the first quarter of 2026, marking the first quarterly decline since Q2 2019. The Housing & Development Board’s Resale Price Index eased to 203.4 after five consecutive quarters of slower or flat growth.

Resale activity rose 19.6% quarter on quarter (QoQ) to 6,285 transactions, though it remained 4.6% lower than a year earlier. Rental demand showed mild moderation, with approved applications to rent out HDB flats slipping 0.2% to 9,535.

The HDB also said it will offer about 6,900 Build-To-Order flats in June 2026 across Ang Mo Kio, Bishan, Bukit Merah, Sembawang, and Woodlands, and advised buyers to exercise financial prudence amidst a more uncertain macroeconomic outlook.