Singapore’s private and public housing markets moved in different directions in the third quarter of 2026. Private home prices rose at a faster pace despite fewer transactions, while HDB resale prices eased slightly as more flats changed hands.
Flash estimates released by the Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) on 1 October showed that private home prices increased by 1.4% quarter-on-quarter, while HDB resale prices declined by 0.2%.
However, the headline figures tell only part of the story. Landed homes and suburban condominiums led private property price growth, while the HDB market recorded a new quarterly high of 597 million-dollar resale transactions even as its overall price index softened.
Table of contents
Private home prices record their strongest quarterly gain since Q4 2024
The 1.4% increase in private home prices accelerated from the 0.5% rise in Q2 2026. It was also the strongest quarterly gain since Q4 2024, when prices increased by 2.3%.
This brought cumulative private home price growth to about 2.8% over the first nine months of 2026. Although growth picked up in the latest quarter, URA noted that the average quarterly increase across the first three quarters remained at 0.9%, unchanged from the corresponding period in 2025.
Meanwhile, transaction activity slowed. URA recorded 4,296 private home transactions up to mid-September, compared with 6,148 in Q2, representing a decline of about 30%. The Q3 figure is preliminary and does not cover the full quarter. Year-to-date transactions stood at 15,857, below the 19,793 recorded over the corresponding period in 2025.
Find Out Your Home’s Worth with X-Value® — Singapore’s Trusted Property Valuation
Luqman Hakim, Chief Data & Analytics Officer at 99.co, said “The stronger 1.4% quarterly increase in private home prices suggests that price resilience remains intact despite a notable slowdown in transaction volumes.”
He added that growth was uneven across segments, with the OCR and landed market leading the increase, while softer sales activity suggested that buyers were becoming more selective amid continued economic and interest-rate uncertainty.
Landed homes and suburban condos lead price growth
| Private housing segment | Q1 2026 | Q2 2026 | Q3 2026 flash estimate |
| Overall private homes | +0.9% | +0.5% | +1.4% |
| Landed homes | −0.4% | +2.5% | +2.8% |
| Non-landed homes | +1.3% | −0.1% | +0.9% |
| CCR non-landed homes | +0.6% | +1.8% | −0.1% |
| RCR non-landed homes | +0.8% | −1.2% | +0.2% |
| OCR non-landed homes | +2.2% | −0.1% | +2.2% |
Quarter-on-quarter private residential price changes. Figures exclude executive condominiums (ECs). Source: URA.
Landed property prices increased by 2.8% in Q3, extending their 2.5% rise in the previous quarter. This made landed homes the strongest-performing broad property segment in the latest flash estimates.
Nevertheless, the increase came alongside fewer transactions. Caveat data up to 22 September showed 508 landed home transactions, compared with 592 in Q2. Prices therefore continued to rise even as fewer properties changed hands.
Non-landed private home prices also recovered, increasing by 0.9% after a 0.1% decline in Q2. Within this segment, the Outside Central Region (OCR), which covers the suburban market, led growth with a 2.2% increase.
The Rest of Central Region (RCR), or city fringe, saw a smaller rise of 0.2%, reversing its 1.2% decline in Q2. In contrast, prices in the Core Central Region (CCR) eased by 0.1% after rising by 1.8% in the previous quarter.
New home sales help explain firmer prices despite slower activity
The mix of homes sold offers some context for the stronger price movement. Based on caveat data, the median price of new non-landed private homes, excluding ECs, rose by 9.6% quarter-on-quarter to S$2,567 psf. By comparison, the median price of resale private homes fell by 1% to S$1,772 psf.
With fewer new launches competing for buyers and limited unsold stock, some ongoing projects also recorded modestly higher selling prices than in Q2. Meanwhile, developers held back releases during the Lunar Seventh Month, contributing to a quieter launch calendar.
Read more: New home sales slow amid launch lull and Hungry Ghost Month
Monthly developer sales figures and caveats up to 20 September indicated that developers sold 1,068 new private homes, excluding ECs. Separately, caveats up to 22 September showed around 3,109 private resale transactions, compared with 3,813 in Q2.
Among the quarter’s launches, Lentor Gardens Residences recorded 291 sales out of 499 units, or about 58%, based on caveats up to 20 September. Dunearn House followed with 237 sales out of 380 units, or about 62%. Other launches included the 20-unit Duet @ Emily and the 212-unit Amberwood at Holland, although Amberwood’s 26 September launch fell outside these caveat cut-offs.
HDB resale prices ease for a third consecutive quarter
In the public housing market, HDB’s flash Resale Price Index stood at 202.4 in Q3, down 0.2% from the previous quarter. This followed declines of 0.1% in Q1 and 0.3% in Q2, bringing the cumulative decrease over the first nine months of 2026 to about 0.6%.
“The relatively flat price movement reinforces the view that the HDB resale market is settling into a more stable phase,” Luqman said. “Price pressures have eased considerably, suggesting a healthier balance between buyer demand and available supply rather than a significant weakening in the market.”
At the same time, more buyers completed resale transactions. HDB recorded 7,528 transactions as of 29 September, up 5.2% from the 7,157 recorded over the same period last year.
The preliminary Q3 count also exceeded the 6,396 transactions in the whole of Q2 by about 17.7%. It was already the highest quarterly count since Q3 2024, when 8,142 flats changed hands.
Together, the price and volume figures suggest that demand remains active even as price pressures ease.
Has removing the 15-month wait-out period made a difference?
The removal of the 15-month wait-out period on 28 July 2026 allowed private residential property owners and former owners to move into non-subsidised HDB resale flats sooner, subject to the other eligibility requirements. This could help some households bring forward their right-sizing plans, including those seeking larger flats.
However, HDB said it had not observed a significant increase in either prices or the number of resale flats purchased by these buyers since the change.
It would therefore be premature to attribute the rise in larger-flat transactions mainly to the policy change. Buyers need an HDB Flat Eligibility (HFE) letter before securing an Option to Purchase, followed by the resale application process. As a result, many transactions recorded in Q3 would have started before the wait-out period ended.
More housing options could help moderate price pressures
Looking ahead, additional public and private housing supply should give buyers more options, although the timing differs between new launches, completed homes and flats becoming eligible for resale.
For HDB buyers, about 7,960 BTO flats will launch in November 2026 across Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun. The exercise will also include Community Care Apartments in Toa Payoh. Applicants will need a valid HFE letter when submitting their flat application.
Meanwhile, a larger number of flats reaching their Minimum Occupation Period could expand the pool of potential resale listings. “With approximately 18,939 flats expected to reach their Minimum Occupation Period (MOP) in 2027, the increase in resale supply should help keep price growth in check and support a relatively stable market in the near term,” Luqman said. Not every owner will sell immediately after meeting the MOP, but the larger eligible pool should give buyers more scope to compare homes.
Recent income ceiling changes could also influence housing choices. The S$16,000 monthly household income ceiling for BTO flats opens the new-flat route to some households that previously exceeded the limit, while the S$18,000 ceiling for new ECs gives some prospective upgraders another option. Resale flats, meanwhile, continue to serve households that prefer an established location or do not wish to wait for a new home to be built.
Read more: NDR 2026: BTO income ceiling raised to S$16,000, EC ceiling to S$18,000
In the private market, upcoming projects including Lucerne Grand, Thomson Reserve and The Serra Residences are expected to bring around 1,970 homes across the OCR, RCR and CCR. A broader launch selection could support activity following Q3’s quieter pipeline.
Beyond these launches, the Government’s Confirmed List under the Government Land Sales Programme will offer sites yielding 4,745 private residential units in the second half of 2026. This brings the full-year total to 9,320 units, more than 50% above the annual average over the past decade. URA said around 60,600 private residential units, including ECs, are expected to be completed over the next few years.
Read more: URA unleashes 9 GLS sites – 4,575 private homes on the way
For now, the Q3 estimates show firmer private home prices alongside slower sales, while the HDB resale market has combined modest price easing with stronger transaction activity. The next releases will provide a complete view of whether these patterns held through the end of September. HDB and URA are scheduled to publish their full Q3 statistics on 23 October 2026.
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment