haioHDB resale prices stopped rising for the first time since early 2020
HDB's flash estimate puts the 4th Quarter 2025 Resale Price Index at 203.6, essentially level with the previous quarter's 203.7. It's the first time resale prices have held flat since the 1st Quarter of 2020. Zoom out and the shift is just as clear: full-year price growth has slowed from 9.7% in 2024 to 2.9% in 2025, the slowest pace since 2019. The runaway resale market of recent years has, for now, run out of road.
HDB Resale Median Price by Town
What HDB announced: a flat index, thinner volume, and ~7,600 new flats coming
Stripped of the jargon, the release says two things, the resale market cooled on both price and volume in 2025, and more supply is on the way in early 2026.
On the resale market: