24 July 2026, Singapore - Private home prices continued to climb in the second quarter of 2026, albeit at a slower pace - though the increase was driven mainly by landed housing. Meanwhile, prices of HDB resale flats and non-landed private homes, the segment in which the large majority of private transactions occur, both edged lower during the quarter. Taken together, it suggests that the two segments (HDB resale and non-landed private) in which the most households transact were relatively flat in Q2 2026.

Q2 2026 URA Private Residential Property Index

Data from the Urban Redevelopment Authority (URA) showed that the overall private home prices inched up by 0.5% quarter-on-quarter (QOQ) in Q2 2026, easing slightly from the 0.9% QOQ increase in the previous quarter (see Table 1). The final print was unchanged from the flash estimates released earlier this month. On a half-year basis, private home prices climbed by 1.4% cumulatively in 1H 2026, slowing from the 1.8% growth and 1.5% increase in 1H 2025 and 2H 2025, respectively.

Table 1: URA Private Property Price Index (PPI) - Q2 2026

Private home prices

In Q2 2026, the price increase was mainly driven by the Landed homes segment which rose by 2.5% QOQ, likely supported by the increase in landed home transactions to 568 units, from 512 transactions in the previous quarter, based on caveats lodged. Taken together, URA's landed homes property price index has climbed by a cumulative 2.1% in 1H 2026.

By contrast, non-landed private home prices fell marginally by 0.1% QOQ in Q2 2026, compared with the 1.3% QOQ growth in Q1 2026. The dip may be attributed to prices edging lower in the Rest of Central Region (RCR) and Outside Central Region (OCR) with price declines of 1.2% QOQ and 0.1% QOQ in Q2 2026, respectively. The Core Central Region (CCR) bucked the down trend with prices rising by 1.8% QOQ in Q2 2026. The non-landed price movements reflect the composition of transactions in the quarter. For instance, the CCR had no new launches in Q2, and it is possible that transactions at existing launches and a modest number of high-end sales had helped to lift the index including sales at Skywaters Residences, 21 Anderson, and Park Nova. In 1H 2026, non-landed private home prices have risen by 1.2% cumulatively, easing from the 1.7% increase in 1H 2025.

Transactions

During the quarter, developers sold 2,141 new private homes (ex. Executive Condominiums), marking a 6.4% increase from the 2,013 units shifted in Q1 2026. This brings the total new private home sales to 4,154 units (ex. EC) in 1H 2026 - down by 9.4% from 4,587 units in 1H 2025. Meanwhile, there were 3,813 resale private homes sold in Q2 2026, representing an 18.2% increase from 3,225 units in the previous quarter. With fewer launched units in Q2 2026, resale transactions made up 62.0% of the overall private home sales during the quarter. Developers launched 1,783 new homes (ex. EC) for sale in Q2 2026, down slightly from 1,844 units in Q1.

Leasing market

In the private home leasing market, rentals rose by 0.7% QOQ in Q2 2026, following the 0.3% increase recorded in the previous quarter, as per the URA private residential rental index. In particular, rents for non-landed homes increased by 0.4% QOQ, while landed home rentals climbed by 2.7% QOQ in Q2 2026. In 1H 2026, overall private home rentals rose by 1.0% cumulatively, compared with the 1.2% increase in 1H 2025.

According to URA Realis data, there were 22,290 rental contracts (landed and non-landed private homes, ex EC) signed in Q2 2026, up by 5.1% from the 21,203 contracts inked in the previous quarter. Leasing demand is expected to be relatively resilient, and rentals could stay fairly stable in the near-term amid a moderate volume of upcoming new completions (5,012 units, ex. EC for in 2H 2026). That said, a larger supply of new completions is projected to come on in 2027 and 2028 at 8,440 and 9,856 units (ex. EC), respectively.

Mr Kelvin Fong, CEO of PropNex said:

"The headline price growth in Q2 2026 was mainly carried by the landed housing segment. Meanwhile, the prices of non-landed homes, where most sales take place edged marginally lower. So, from the perspective of many homebuyers, this may be seen as a flat quarter in view of the softer non-landed home prices.

In our view, new home sales have been steady in Q2 2026 despite a slightly lighter launch calendar, and take-up at new launches (see Table 2) - Vela Bay, Tengah Garden Residences, and Hudson Place Residences - has shown that buyers are willing to commit in numbers where projects meet their value perceptions. We note that a vast majority of more than 80% units sold at Tengah Garden Residences and Hudson Place Residences were priced at below $2.5 million, and at about 66% at Vela Bay, based on caveats lodged. This suggests that developers are pricing new homes with affordability firmly in view.

Table 2: Proportion of new homes sales at Q2 2026 launches by price range

As at the end of Q2 2026, the supply of unsold uncompleted homes stood at 14,929 units (ex. EC) - down by 7.2% from 16,095 units in Q1 2026, according to URA's data. This is slightly higher than the record low unsold inventory of 14,087 units (ex. EC) in Q1 2022. The present level of unsold stock looks to be manageable. Based on the annual average developers' sales of 9,106 units (ex. EC) from 2016 to 2025, the 14,929 unsold units (ex. EC) may potentially be absorbed by the market in roughly one and a half years.

The early signs from the third quarter are encouraging. Lentor Gardens Residences shifted 54% of its 499 units at an average of around $2,350 psf - above the levels seen at many suburban projects that transacted new units in Q2. This indicates that the pricing power in well-located OCR projects remains intact.

In 1H 2026, developers sold 4,154 new private homes (ex. EC), while 7,038 resale private homes were transacted. For the whole of 2026, we expect new home sales could come in at around 9,000 units, and private resale at 14,000 to 15,000 units. Meanwhile, overall private residential price growth may range from 3% to 4%."

Q2 2026 HDB Resale Price Index

Data from the Housing and Development Board (HDB) showed that resale flat prices dipped for a second consecutive quarter in Q2 2026 by 0.3% QOQ, after a marginal decline of 0.1% QOQ in Q1 2026 (see Table 3). The final print is unchanged from the flash estimates announced on 1 July.

Cumulatively, HDB resale prices fell by 0.4% in 1H 2026, compared with the 0.3% growth in 2H 2025 and the 2.5% jump in 1H 2025. The HDB said that 6,396 resale flats were transacted in Q2 2026 - up by 1.8% from the 6,285 flats resold in Q1 2026.

Table 3: HDB Resale Price Index

Ms Wong Siew Ying, Head of Research and Content at PropNex, said.

"The second quarter of 2026 further reflects the HDB resale market's gradual transition from strong price appreciation to price stability. The HDB resale price index dipped by 0.3% QOQ, marking a second straight quarter of marginal decline, after price growth started to moderate from the end of 2024. As at Q2 2026, the index reading is about 0.4% lower than the peak in Q3 2025 (index reading: 203.7).

Of note, the easing in resale prices came without a contraction in transaction activity. Resale volume rose 1.8% QOQ to 6,396 cases in Q2 2026, following a sharp rebound in the first quarter from a seasonally weak Q4 2025. It is likely that flats recently out of their 5-year minimum occupation period (MOP) had helped to support the resale volume.

According to sales data, resale flats with lease balance of 94 years and above - as a proxy for MOP flats - made up 5.9% of the transactions in Q2 2026, up from the 4.5% share in the previous quarter (see Table 4). Three towns - Tampines, Bukit Batok and Punggol - made up about 58% of the 364 units of resale flats with lease balance of 94 years or more at time of resale in Q2 2026. Among the 364 newly MOP-ed resale flats sold, 87 units fetched at least $1 million. They are in Ang Mo Kio, Toa Payoh, Bedok, Queenstown, Clementi, Punggol, Hougang, and Tampines.

Table 4: Number/Proportion of HDB resale flats sold by years of remaining lease at point of sale in Q1 and Q2 2026

Meanwhile, a new quarterly record of 491 resale HDB flats were resold for at least $1 million in Q2 2026, as per sales data. This is about 19.5% higher than the 411 such flats transacted in Q1 2026, and has surpassed the previous record of 480 units set in Q3 2025. Data retrieved today (24 July) showed that there were 1,050 units of million-dollar resale flat sold in the year-to-23 July 2026 period - looking odds on to match or exceed the record 1,593 such flats that changed hands in the whole of 2025.

All in, 12,681 HDB resale flats were sold in 1H 2026 as per HDB's quarterly data - lower than the 13,692 resale flats sold in 1H 2025. Looking ahead, we expect HDB resale transaction volumes to remain healthy, supported by the larger pool of flats reaching their five-year MOP this year and resilient public housing demand. We project resale volumes could come in at around 26,000 to 27,000 units for the whole of 2026. As such, we anticipate HDB resale prices to remain broadly stable, with prices likely to rise by up to 1% for the whole of 2026."