From 1Q2020 to 2Q2025, prices of HDB resale flats increased by 54.3%, a much slower pace than the 294.4% surge recorded during the five-year period from 4Q1991 to 4Q1996, according to Christine Sun, chief researcher and strategist at Realion Group. The moderation in price growth continued in 2Q2025, with a 0.9% q-o-q increase, compared to the 1.6% rise in 1Q2025. This marks the third consecutive quarter of slowing growth and the slowest quarterly increase since the Covid-19 circuit breaker in 2Q2020, she adds.However, despite the slowdown, Sun notes that the increase in 2Q2025 marks the 21st consecutive quarter of growth — the longest streak ever recorded. This surpasses the previous record of 20 quarters from 4Q1991 to 4Q1996.She further adds that while the recent price increases have been steady, they pale in comparison to the dramatic spikes seen in the 1990s. From 1Q2020 to 2Q2025, resale prices have risen 54.3%, compared to a 294.4% surge from 4Q1991 to 4Q1996.The HDB resale price index for 2Q2025, as released by HDB and Huttons Data Analytics shows a decline in resale volume for the first half of the year, with a total of 13,692 flats sold, a 5% drop from the same period last year. The larger flats were particularly affected, with five-room and executive flats experiencing declines of 6.1% and 11.5%, respectively. This marks the lowest half-year resale volume since 1H2023 (13,493 units).Despite the overall slowdown, resale volume rose 7.8% q-o-q to 7,102 units in 2Q2025. This was supported by tight supply, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. He attributes the slower price growth to the smaller number of flats reaching their five-year Minimum Occupation Period (MOP) this year. These flats often command a premium, and their reduced supply limits upward price pressure, he explains.Moreover, the absence of a BTO launch in June — deferred to July to process the high number of February BTO applications — likely nudged some buyers towards the resale market, contributing to a short-term uptick in transactions, Sun adds.The average price of a four-room resale flat rose 1.4% q-o-q to $674,470 in 2Q2025. However, four- and five-room flats posted the slowest pace of growth in five quarters, likely due to buyer price resistance, notes Lee.Executive and multi-generation flats saw a 4.1% q-o-q increase in prices, buoyed by strong demand. A record 118 of these flats transacted for at least $1 million in 2Q2025, up 53.2% from the previous quarter. Sun attributes the strong demand to HDB upgraders and former private property owners.4-room flats — the core of BTO supply — also drew strong interest. Many have recently fulfilled their MOP and are located in prime areas such as Bukit Merah, Kallang/Whampoa, Queenstown, and Toa Payoh. “Owners often referenced past million-dollar transactions when pricing their units,” says Lee.Based on the HDB resale price index for 2Q2025, Bukit Timah saw the largest y-o-y price increase at 32.4%, followed by the Central Area (7.8%) and Ang Mo Kio (7.2%), according to Huttons.Among buyers, mature estates such as Toa Payoh, Bukit Merah, Queenstown, and Ang Mo Kio were the top choices in 2Q2025, according to HDB data. These estates are also home to newer and well-located resale flats, which are in high demand, and command higher prices, says Eugene Lim, key executive officer of ERA Singapore.Despite the record-high prices, Lim stresses that most HDB flats are still affordable. He notes that 78% of resale transactions in 2Q2025 were below $750,000. Eighteen out of 24 HDB towns had median four-room resale prices below this threshold, with exceptions in central and mature estates.ERA estimates that only 6,974 flats will reach MOP this year — the lowest in 11 years since 2014, when just 5,301 flats became eligible. This is due to the smaller number of BTO launches in recent years, which has reduced the supply of HDB flats reaching their MOP. That said, Eugene projects that the number could surpass 1,300 by year-end, driven by demand for newer, well-located flats.In conclusion, while HDB resale prices have been on a steady rise for 21 consecutive quarters, the pace of growth has slowed down in 2Q2025 with a 0.9% q-o-q increase. This is attributed to the release of over 20,000 new flats in the February and July BTO and SBF exercises, as well as the absence of a BTO launch in June. However, despite the overall slowdown, prices of four- and five-room flats have remained stable, and executive and multi-generation flats have continued to see strong demand. Additionally, with the majority of HDB flats still being affordable, the HDB resale market remains an attractive option for home buyers.
According to Christine Sun, chief researcher and strategist at Realion Group, HDB resale prices rose by 0.9% quarter over quarter in the second quarter of 2025. This is a slower pace compared to the 1.6% increase in the first quarter of 2025. It is also the third consecutive quarter of slowing growth, marking the slowest quarterly increase since the Covid-19 circuit breaker in 2Q2020.
Sun noted that this marks the 21st straight quarter of growth, making it the longest streak ever recorded. It surpasses the previous record of 20 quarters from 4Q1991 to 4Q1996. However, Sun also pointed out that the recent price increases, while steady, pale in comparison to the dramatic spikes seen in the 1990s. From 1Q2020 to 2Q2025, resale prices rose by 54.3%, compared to a surge of 294.4% from 4Q1991 to 4Q1996.
The Housing and Development Board (HDB) resale price index for 2Q2025, released by HDB and Huttons Data Analytics, shows a decline in resale volume for the first half of the year. Only 13,692 flats were sold in 1H2025, which is a 5% drop from the same period last year. The larger flats, such as five-room and executive flats, saw declines of 6.1% and 11.5%, respectively. This is the lowest half-year resale volume since 1H2023 (13,493 units).
However, in 2Q2025, resale volume rose by 7.8% quarter over quarter to 7,102 units. Lee Sze Teck, senior director of data analytics at Huttons Asia, attributes this to the tight supply of flats. He also notes that the slower price growth is due to the smaller number of flats reaching their five-year Minimum Occupation Period (MOP) this year. These flats often command a premium, which limits upward price pressure.
Furthermore, the absence of a BTO launch in June, which was deferred to July to process the high number of February BTO applications, may have nudged some buyers towards the resale market. This may have contributed to a short-term uptick in transactions, according to Sun.
The average price of a four-room resale flat rose by 1.4% quarter over quarter to $674,470 in 2Q2025. However, four- and five-room flats posted their slowest pace of growth in five quarters, likely due to buyer price resistance, says Lee.
On the other hand, prices of executive and multi-generation flats saw a 4.1% quarter over quarter increase, buoyed by strong demand. A record 118 of these flats were transacted for at least $1 million in 2Q2025, which is a 53.2% increase from the previous quarter. Sun attributes the strong demand to HDB upgraders and former private property owners.
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Four-room flats, which comprise the core of BTO supply, also saw strong interest. Many of these flats have recently fulfilled their MOP and are located in prime areas such as Bukit Merah, Kallang/Whampoa, Queenstown, and Toa Payoh. According to Lee, owners often referenced past million-dollar transactions when pricing their units.
Based on the HDB resale price index for 2Q2025, Bukit Timah saw the largest year-over-year price increase at 32.4%, followed by the Central Area (7.8%) and Ang Mo Kio (7.2%), according to Huttons. Among buyers, mature estates such as Toa Payoh, Bukit Merah, Queenstown, and Ang Mo Kio were the top choices in 2Q2025, according to HDB data. These estates are also home to newer and well-located resale flats, which are in high demand and command higher prices,