More buyers committed to an HDB resale flat in Q3, even as the overall price index edged down. There were 7,645 transactions, up from 6,396 in Q2. The resale price index fell 0.1% to 202.5, its third consecutive quarterly decline. Source: HDB’s final Q3 release.
These figures can sit comfortably together. A small decline in the national index can accompany more completed deals as buyers and sellers agree on acceptable prices. For an individual household, the useful question is what a comparable flat is selling for and how that fits the next move.
Prices have eased gradually this year
The Q3 decline followed falls of 0.1% in Q1 and 0.3% in Q2. The index is about 0.5% below its end-2025 level, calculated from the published index values of 203.6 and 202.5.
| Period | Index (RPI) | Change |
|---|---|---|
| Q4 2025 | 203.6 | 0.0% |
| Q1 2026 | 203.4 | −0.1% |
| Q2 2026 | 202.8 | −0.3% |
| Q3 2026 | 202.5 | −0.1% |
Source: Annex A1: HDB resale price index, 3rd Quarter 2026 (Housing & Development Board), 3rd Quarter 2026 (July to September); final release of 23 Oct 2026. Extracted 23 Oct 2026.
Source: HDB Annex A1. Published percentage changes are rounded. The year-to-date calculation uses the index levels rather than adding rounded quarterly changes.
This is gradual moderation at the national level. It does not mean every flat has fallen in value by the same amount. Town, remaining lease, flat type, floor level, condition and proximity to amenities still influence the price buyers will accept.
More flats changed hands
The 7,645 transactions were 19.5% above Q2 and 5.9% above Q3 2025. The same quarter a year earlier recorded 7,221 transactions. Source: HDB Annex B.
More HDB flats changed hands in Q3
HDB resale transactions, full-quarter figures · transactions · Q3 2025, Q2 2026 and Q3 2026
- Q3 20257,221 transactions
- Q2 20266,396 transactions
- Q3 20267,645 transactions
HDB resale transactions: 7,221 in Q3 2025, 6,396 in Q2 2026, and 7,645 in Q3 2026.
Source: Annex B: HDB resale transactions, 3rd Quarter 2026 (Housing & Development Board), 3rd Quarter 2026 (July to September); final release of 23 Oct 2026. Extracted 23 Oct 2026.
Bars start at zero. Q3 2026: +19.5% quarter on quarter; +5.9% year on year.
Show the data as a table
| Category | Resale transactions |
|---|---|
| Q3 2025 | 7,221 transactions |
| Q2 2026 | 6,396 transactions |
| Q3 2026 | 7,645 transactions |
Q3 activity rose from both the preceding quarter and the same quarter last year. Source: HDB final Q3 release.
For sellers, this is evidence that buyers are still transacting. The next step is to see how your own flat compares with recent sales nearby. Use comparable flat types, sizes and remaining leases, then assess what its condition, floor and location add.
For buyers, an almost flat index is an opportunity to compare carefully. It is too small a movement to assume that every seller will accept a large discount. Look at the total cost of each available home, including the work needed after purchase, and the time you have to move.
Did the removal of the 15-month wait-out period drive the increase?
HDB says it has not observed a significant increase in the prices and number of resale flats purchased by private residential property owners and former owners since the wait-out period was removed on 28 July 2026. Source: HDB release, paragraph 3 and footnote 1.
The quarterly increase in total transactions does not establish that this group caused it. I would use HDB’s stated observation, rather than turn one policy change into an explanation for the whole quarter.
For an upgrader, look at both sides of the move
A broadly steady HDB market is only one side of an HDB-to-condo move. URA’s final Q3 release shows non-landed private home prices rose 1.0%. If the condo you want becomes dearer while your flat’s value stays close to where it was, the price gap can widen.
The practical starting point is a realistic selling range for your flat, a shortlist of homes you can actually buy and a financing plan that works for your household. Then compare the cost and practical benefits of moving now with waiting.
The separate Q3 URA private housing update covers condo prices, resale activity and the future supply pipeline. Our sell first or buy first guide explains the sequencing of an HDB upgrade.
Another supply option in November
HDB plans about 7,960 BTO flats in November 2026, across Bedok, Geylang, Sembawang, Tengah, Toa Payoh and Yishun. Community Care Apartments will also be offered in Toa Payoh. Source: HDB release, paragraph 8.
For households eligible for a new flat and able to accommodate the waiting time, that is another option to consider alongside resale. The right comparison depends on the location, eligibility, flat availability and when you need a home. HDB will provide further details during the sales exercise.
What about the HDB rental market?
Approved applications to rent out HDB flats fell 6.2%, from 10,002 in Q2 to 9,381 in Q3. At the end of Q3, 59,378 flats were rented out, compared with 58,855 at the end of Q2. Source: HDB release, paragraphs 6–7.
New approvals and the total stock of rented flats measure different things. Neither is an HDB rental-price index. If you are planning to rent out an eligible flat, compare recent rents for similar flats in the same area and check the applicable HDB conditions before projecting income.
