Public housing resale slump forces sellers below last deal prices

It posted a 0% change caused by a widening gap in pricing expectations, amongst others.

HDB resale flat prices remained flat in the fourth quarter (Q4) of 2025 amidst a cooling demand, Realion (OrangeTee & ETC) Group, Huttons, and PropNex Realty found.

“The slower pace of price growth across many towns, as well as the zero price growth registered islandwide in the last quarter, indicates a cooling in demand for resale flats in many parts of the island,” said Christine Sun, chief researcher and strategist of Realion Group.

Huttons also described the resale prices in Q4 2025 as “unchanged.” PropNex added this is the first time that HDB resale prices were unchanged since Q1 2020.

The slowdown can also be attributed to the surge in flat supply from the BTO and SBF markets, Sun said, which was a sentiment that was also expressed by Huttons.

“The sales decline and zero price growth both indicate that the HDB market has slowed down over the past year,” Sun said. “Sales also tend to be slower during the year-end holidays, when many Singaporeans travel abroad,” she added.  

Sun also attributed a widening gap in price expectations, with many sellers asking for high prices and buyers showing increasing price resistance, in longer transaction timelines and fewer completed deals.

The Realion chief researcher said that in Q4 2025, average prices fell in 16 towns, rose in eight towns, and remained unchanged in two towns.

The most significant quarter-on-quarter (QoQ) price drops were in Central Area (11.1%), Ang Mo Kio (7.6%), Toa Payoh (5.7%), Woodlands (4.8%), Geylang (4.4%), and Bukit Batok (3.8%).

Meanwhile, some sellers of HDB resale flats had to reduce their prices slightly below the last transacted price to attract buyers, Huttons said in its report.

Since bottoming out in Q2 2019, prices of HDB resale flats have gained 55.7%, and from the circuit breaker in April 2020, prices have appreciated by 54.4%, it added.

Huttons said that 16 out of 26 HDB towns saw prices contracting between 0.9% and 11.1% in Q4 2025, and this was the first time since Q3 2019 that more than half of the towns saw a quarterly decline in prices.

Resale flats in the Central Area saw the largest decline of 11.1%, followed by Ang Mo Kio (7.6%) and Toa Payoh (5.2%).

PropNex said that there were 5,256 flats resold in Q4 2025, marking a 27.2% decline from the 7,221 units transacted the year before.

It is also the weakest quarterly HDB resale volume since 3,426 flats were resold in Q2 2020, it added.

Overall, 26,169 public housing flats were resold in 2025, or down by 9.7% from the 28,986 resale flats transacted in the previous year, PropNex said.

Looking ahead, the Realion chief researcher said that the HDB resale market will likely continue to stabilise in 2026, with a modest price growth and slightly fewer transactions.

The increase in MOP flat supply will further intensify competition amongst sellers, as buyers will have a broader range of flat options.

“Positive macroeconomic factors such as lower mortgage rates, steady income growth, and stable economic growth will boost demand for resale flats,” Sun said.