HDB resale prices dip after 7 years, netizens divided over what it means

SINGAPORE: Singapore’s public housing resale price index edged 0.1% lower in the first quarter of the year, according to flash estimates released by the Housing and Development Board (HDB) on Wednesday (April 1).

The first dip in HDB resale prices in nearly seven years quickly sparked debate among netizens. While some called the marginal shift a “statistical blip” or “worse than an April Fools’ joke”, others saw it as a small but hopeful sign that more affordable homes could be on the horizon.

One commenter described the dip as “still a game changer with the ongoing challenges”. A resale home owner added that it’s “good” news, hoping that soon everyone else will get more affordable prices.

A third, however, added, “I am glad prices seem to finally moderate after the infinite price increases. But come on, 0.1%? That is like removing 0.1% extra for a meal and then removing 1 pea. We are going in the right direction, but there needs to be more price falls before we can be happy and say prices actually fell.”

While another said, “Let’s observe another quarter before we say it’s a ‘trend’.”

The dip was the first quarterly decline since the second quarter of 2019, and follows five consecutive quarters of slower or no price growth. In 2025, resale prices rose by 2.9%, the lowest price growth since 2019.

ERA Singapore’s key executive officer Eugene Lim told Channel News Asia that the “marginal dip” could suggest the market is “entering a more balanced phase” after years of sustained growth. SRI research and data analytics head Mohan Sandrasegeran shared a similar view, noting that price growth is supported by demand, but moderated by the increase in housing supply.

According to HDB, compared to the same period last year, Q1 2026 saw 6,179 resale transactions (as of March 30), down 4.5% from 6,473. /TISG

Read also: S$1.7M resale for 5-room HDB at SkyTerrace@Dawson sets Singapore record