HDB resale prices have fallen for the third straight quarter, even after the removal of a rule that previously made some private-property downgraders wait 15 months before buying certain resale flats.
According to flash estimates released on Thursday, 1 October, HDB resale prices fell by 0.2% in the third quarter of 2026.
This follows a 0.1% drop in the first quarter and a 0.3% drop in the second quarter.
In other words, the resale market did not suddenly chiong upwards after the 15-month wait-out period was lifted. At least not according to the early numbers.
What Happened to HDB Resale Prices
HDB’s Resale Price Index stood at 202.4 in the third quarter of 2026, down from 202.8 in the previous quarter.
The index tracks overall price movements in the HDB resale market.
The latest dip means resale prices have now declined for three consecutive quarters in 2026. This comes after prices stayed flat in the fourth quarter of 2025, following a 0.4% increase in the third quarter of 2025.
While the fall is small, it continues the moderation seen in the public housing resale market this year.
Resale transaction volumes, however, did not collapse. There were 7,528 resale transactions in the third quarter of 2026, up 5.2% from 7,157 transactions in the same period last year.
HDB described the transaction volume as broadly stable.
Why the 15-Month Wait-Out Rule Matters
The 15-month wait-out period was introduced in September 2022 as part of property cooling measures.
It applied to private residential property owners and former private residential property owners who wanted to buy a non-subsidised HDB resale flat. They generally had to wait 15 months after disposing of their private property before they could do so.
The rule was meant to moderate demand in the resale market and help keep public housing affordable, especially for buyers with greater housing needs.
There was an exemption for Singapore citizens aged 55 and above who were moving from private property to a 4-room or smaller non-subsidised HDB resale flat.
In late July 2026, HDB removed the wait-out period for private residential property owners and former private residential property owners buying non-subsidised HDB resale flats without an HDB housing loan.
The move came after several quarters of price moderation in the resale market.
No Significant Jump From Private-Property Downgraders
One concern after the rule was removed was that more private-property downgraders might enter the HDB resale market and push up prices.
So far, HDB said it has not observed a significant increase in either the prices or number of resale flats bought by private residential property owners and former private residential property owners since the wait-out period was lifted.
That does not mean prices will only move in one direction from here. Flash estimates are early numbers, and the final resale figures will be released later.
But based on the latest estimates, the removal of the wait-out period has not produced a sharp immediate increase in HDB resale prices.
More Flats Are Also Coming
The moderation comes as HDB continues to add supply.
HDB has said more new flats are expected to complete their Minimum Occupation Period over the next few years. Flats that complete their MOP can enter the resale market, which adds to supply.
HDB is also continuing with its Build-To-Order supply plans.
More supply generally gives buyers more options, though the effect can vary by estate, flat type and location.
So while overall resale prices have edged down, buyers looking at popular mature estates or larger flats may still see competition for specific units.
For now, the headline number is clear: HDB resale prices fell again in the third quarter of 2026, marking the third straight quarterly drop.
