1 October 2026, Singapore - Flash estimates showed that private home prices strengthened in Q3 2026, despite limited new launches. In the HDB resale segment, prices dipped for the third straight quarter, and it appears that buyers have returned in greater numbers amid the price moderation. However, million-dollar resale flats have set a new record by a wide margin in Q3 2026.

Q3 2026 URA Private Residential Property Index (Flash)

Flash estimates from the Urban Redevelopment Authority (URA) showed that the overall private home prices climbed by 1.4% quarter-on-quarter (QOQ) in Q3 2026, accelerating from the 0.5% QOQ increase in the previous quarter (see Table 1). This is the strongest quarterly gain since Q4 2024, where the price index rose by 2.3% QOQ. Cumulatively, private home prices were up by 2.8% in the first nine months of 2026, as per the flash estimates which covered transactions till mid-September. The final print will be released on 23 October 2026.

Table 1: URA Private Property Price Index (PPI) - Q3 2026 (Flash)

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Once again, landed homes helped to drive the overall price increase. Landed home prices rose by 2.8% QOQ in Q3 2026, extending the 2.5% QOQ increase in the previous quarter. This comes even as market activity was thinner with 508 landed home transactions in Q3 2026 (till 22 September), compared with 592 in Q2 2026, based on URA Realis caveat data.

Over in the non-landed private homes segment, prices inched up by 0.9% QOQ in Q3 2026, reversing the 0.1% dip in Q2 2026. In particular, non-landed home prices the Outside Central Region (OCR) posted the strongest gain at 2.2% QOQ in Q3 2026, followed by the Rest of Central Region (RCR) at 0.2% QOQ. Meanwhile, in the Core Central Region (CCR), home prices eased by 0.1% QOQ in Q3 2026, after rising by 1.8% QOQ in the previous quarter.

The gain in non-landed private home prices in the quarter is likely driven by new home sales. According to caveats lodged, the median transacted unit price of new non-landed private homes (ex. EC) rose by 9.6% QOQ to $2,567 psf in Q3 2026, while that of resale private homes fell by 1.0% QOQ to $1,772 psf in Q3. With few new projects competing for buyers and a tight unsold inventory, several ongoing projects were sold at modestly higher prices in Q3 than in Q2, as per caveat data.

Based on monthly developers' sales data and URA Realis caveats, developers sold 1,068 new private homes (ex. EC) in Q3 2026 (till 20 September) amid limited launches - on track to posting the lowest quarterly sales so far in 2026. Meanwhile, caveat data showed that an estimated 3,109 private homes were resold in Q3 (till 22 September), likely to underperform the 3,813 units resold in Q2 2026.

Mr Kelvin Fong, CEO of PropNex said:

"Market activity was measured in Q3, reflecting a combination of a low launch pipeline, seasonal factors and perhaps a more deliberate buyer mindset. Supply was a key constraint, as developers held back releases through the Lunar Seventh Month. The new launches in Q3 included the 20-unit Duet @ Emily, 499-unit Lentor Gardens Residences, 380-unit Dunearn House, and 212-unit Amberwood at Holland (launched on 26 September; sales not reflected in caveat data yet).

Developers sold ai least 1,068 new units in Q3, with Lentor Gardens Residences in the OCR leading sales. The project which was launched in July sold 291 out of its 499 units (58%), based on caveats lodged up till 20 September. It is followed by Dunearn House which shifted 237 of its 380 units (62%).

The composition of new private-home sales shifted towards higher price points in Q3 2026. The proportion of new non-landed homes (ex. EC) sold below $2.5 million fell to 55.4%, from 69.4% in Q2 (see Table 2). The shift was evident across all three market segments, with the CCR at 47.4% (down from 57.4%), the RCR at 48.2% (from 56.7%) and the OCR at 65.8% (from 74.6%). We think this largely reflects the launch and sales mix during the quarter. Even so, the bulk of the transactions remains in the middle bands - about 52% of new homes sold in Q3 were priced between $1.5 million and less than $2.5 million, which is an important reference point for developers pricing new launches.

Table 2: Proportion of new non-landed private home sales by price range by region

We think the macro backdrop helped boost confidence. Interest rates remain relatively low and the domestic economy has held up well, with the Ministry of Trade and Industry raising its 2026 growth forecast for Singapore to 4.5% to 5.5% in August. That being said, while underlying housing demand remains supported by a stable employment rate and healthy household balance sheets, some buyers may be weighing bigger financial commitments more carefully, amid geopolitical uncertainties.

Looking ahead, the fourth quarter offers more choices, with Lucerne Grand (OCR), Thomson Reserve (RCR), and freehold development The Serra Residences (CCR) collectively bringing some 1,970 new homes to the market at a variety of price points. For the whole of 2026, we project that new home sales could come in at around 8,000 to 8,500 units, and private resale at 14,000 to 15,000 units. Meanwhile, overall private residential price growth may range from 3% to 4% in 2026."

Q3 2026 HDB Resale Price Index (Flash)

Flash estimates from the Housing and Development Board (HDB) showed HDB resale prices dipped by 0.2% QOQ in Q3 2026, extending the price decline which started in Q1 2026 (see Table 3). Based on the flash estimates, HDB resale prices fell by 0.6% cumulatively in the first nine months of this year. The flash figure is provisional, and the final data will be released on 23 October 2026.

The HDB said that 7,528 resale flats were transacted in Q3 2026 (up till 29 September) - already higher than 6,396 flats resold in Q2 2026, and it is the highest quarterly HDB resale flat figure since 8,142 resale flats changed hands in Q3 2024.

Table 3: HDB Resale Price Index

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

"Resale flat buyers may be more comfortable committing to a purchase now that prices have moderated and have been relatively steady over the last few quarters. The resale flat volume picked up noticeably in Q3 2026, and the resale number released by the HDB at 7,528 flats is already the highest quarterly figure in two years.

Looking at the transaction data for selected flat types, volumes rose across 3- to 5-room and executive resale flats in Q3 from Q2 2026 (see Table 4). We note that transactions of 5-room and executive resale flats rose at a faster pace in Q3, rising by 28.5% QOQ and 41.6% QOQ, respectively. The removal of the 15-month wait-out period from 28 July 2026 may potentially have supported demand for larger flats at the margin, though we would be cautious about reading too much into one quarter. Buyers need an HDB Flat Eligibility letter before securing an option to purchase, and resale applications are registered after that - so it is probably fair to say that many Q3 transactions were underway before the rule change.

Table 4: Median price and sales volume of selected resale flat types by quarter*

Median resale prices, meanwhile, were either flat or marginally lower in Q3 from Q2 across the 3- to 5-room and executive resale flats (see Table 4). The stable prices combined with firmer transaction volumes suggests that the market has entered a period of stabilisation following years of price growth.

That said, the HDB resale market continues to be bifurcated, with desirable units still commanding firm prices. Million-dollar flat transactions reached a record high in Q3 when 597 units changed hands for at least $1 million - up by 21.8% from the previous record of 490 units in Q2 2026. In the first nine months of 2026, there were 1,498 units of million-dollar flats resold - on track to smashing the record 1,593 units in 2025 with a quarter still to run. Simple arithmetic puts the potential number of million-dollar resale flats transacted at somewhere around 1,900 to 2,000 units for the whole of 2026.

Nearly 9-in-10 (529 units) of the million-dollar resale flats sold in Q3 are located in mature towns, led by Toa Payoh, Queenstown and Bukit Merah. The number of such flats sold in mature and non-mature towns in Q3 are both new quarterly highs. In non-mature estates, there were 68 million-dollar flats resold, led by Hougang and Woodlands. We note that in Q3, eight towns posted new record high resale transactions, namely in Bedok, Bishan, Central Area, Clementi, Kallang Whampoa, Sengkang, Serangoon, and Tampines (see Table 5a). Meanwhile, by flat type, new record prices were set for 2-room flats and executive flats (see Table 5b).

Table 5a: Eight towns set new price records in Q3 2026*

Table 5a: New price record set for two flat types in Q3 2026*

Regarding the recent policy changes, we think it could facilitate housing mobility across various segments. The higher $16,000 monthly household income ceiling may draw some households towards new build-to-order (BTO) flats who would previously be ineligible to apply for them - this may potentially be a slight dampener on the resale market, especially in towns with attractive BTO launches. Meanwhile, the removal of the 15-month wait-out period could bring forward some right-sizing decisions from private homes to HDB resale flats, while the $18,000 income ceiling for new EC purchase could give some prospective upgraders another viable housing option further down the road.

In the first nine months of 2026 (till 29 September), 20,209 HDB resale flats have been transacted compared with 20,913 flats resold in 9M 2025. For the entire 2026, we project that around 26,000 to 27,000 flats may be resold, and the overall HDB resale prices may fall by 0.5% to 1.0%. Looking ahead, we expect resale flat demand to remain resilient, as they continue to offer relatively affordable and move-in ready homes for households unwilling or unable to wait several years for a new BTO flat."