HDB resale prices rose by 1.6% in the first quarter of 2025, according to HDB’s final quarterly figures. The Resale Price Index (RPI) reached 201.0, up from 197.9 in the fourth quarter of 2024. Growth continued, but at a slower pace than the 2.6% recorded in the preceding quarter and the 2.3% average quarterly increase during 2024.
The final result matters because the earlier flash estimate put the increase at 1.5% and the index at 200.9. It also reported 6,392 transactions only up to 27 March. Those preliminary numbers should not be treated as the completed quarter. HDB’s final Q1 2025 public housing data, published on 24 April 2025, superseded them.
Final Q1 2025 figures at a glance
- Resale Price Index: 201.0
- Quarter-on-quarter price change: +1.6%
- Q4 2024 price change: +2.6%
- Registered resale transactions: 6,590
- Quarter-on-quarter transaction change: +2.6%
- Year-on-year transaction change: -6.8%
The transaction picture was therefore more balanced than the flash release suggested. Completed volume rose from 6,424 cases in Q4 2024 to 6,590 in Q1 2025, although it remained below the 7,068 transactions registered in Q1 2024. Prices and transaction volumes were moving in different directions depending on the comparison period: prices increased, volume improved from the previous quarter, but fewer flats changed hands than a year earlier.
Why 1.6% still represented a slowdown
A slower rate of increase is not the same as a price fall. The index continued to rise in Q1, extending the sequence of quarterly gains to 20 quarters, but the pace moderated sharply from late 2024. Buyers were still paying more overall for comparable resale housing, just not at the previous quarter’s rate.
The RPI is a broad market indicator rather than a price guide for any one flat. HDB calculates it from registered resale transactions across towns, flat types and models, using Q1 2009 as the base period of 100. An index reading of 201.0 means the market-level index was about twice its base-period level; it does not mean every flat had doubled in value or that every town rose by 1.6% during the quarter.
Individual outcomes can vary considerably with remaining lease, floor level, condition, transport access, layout and nearby amenities. Buyers and sellers should use HDB’s resale statistics and transaction tools to compare the same town and flat type. Our guide to the factors that affect property valuations explains why a national index cannot replace unit-level comparisons.
Supply and policy were beginning to reshape demand
The moderation did not happen in isolation. HDB had begun expanding the alternatives available to households that could wait for a new flat. Its March 2025 supply update said 19,600 BTO flats would be launched in 2025 as part of more than 50,000 BTO flats planned from 2025 to 2027. It also expected the number of new flats reaching their Minimum Occupation Period to rise from about 8,000 in 2025 to 13,500 in 2026 and 19,500 in 2028.
More BTO and Sale of Balance Flats choices can divert some demand from the resale market, particularly among buyers who prioritise a lower entry price over immediate occupation. Future MOP completions can also expand resale supply. Neither effect guarantees lower prices in a particular town, but both reduce the case for assuming that the tight post-pandemic conditions will persist unchanged.
Financing rules were another constraint. From 20 August 2024, the loan-to-value limit for HDB housing loans was reduced from 80% to 75%, matching the limit for bank loans. At the same time, the Enhanced CPF Housing Grant was increased. The joint MND-HDB measures were designed to encourage prudent borrowing while giving more support to eligible lower- and middle-income first-time buyers.
What buyers should take from the data
Q1’s moderation offered buyers more reason to compare carefully, but it did not establish a buyer’s market. The final figures showed continued price growth and thousands of completed transactions. A household needing a home soon may still value the shorter timeline and wider location choice offered by resale, while another household may prefer to wait for a BTO flat.
Before viewing units, buyers should obtain an HDB Flat Eligibility letter and work from the grant and loan amounts stated there. They should then set a ceiling that leaves room for Buyer’s Stamp Duty, legal fees, renovation, repairs and any cash over valuation. The agreed resale price and HDB’s valuation are separate: where the price exceeds the valuation, the difference cannot be funded with CPF savings or a housing loan.
Recent transactions should be filtered by block or street, flat type, storey range, remaining lease and condition. A headline about the national index is not a sound reason to stretch for a particular unit. Location and daily needs also matter, so a practical checklist should include commute, schools, family support, amenities and likely space requirements. See these home-buying considerations before narrowing the search.
What sellers should take from the data
Sellers could reasonably point to a rising index, but the 6.8% year-on-year decline in transactions showed that demand was not unlimited. An ambitious asking price may lengthen the marketing period if nearby comparable flats do not support it. The better approach is to review recent registered transactions, account for differences between units and decide in advance how timing affects the acceptable price.
Sellers planning another purchase should also calculate the whole move rather than focus only on the sale price. Temporary accommodation, renovation timing, CPF refunds and the financing of the next home can outweigh a small improvement in the selling price. Buyers and sellers alike should distinguish a valuation supported by comparable transactions from an asking price or an exceptional deal.
The clearest reading of Q1 2025
The final Q1 2025 data showed moderation, not a reversal. HDB resale prices increased by 1.6%, slower than in Q4 2024, while transaction volume rose quarter on quarter but fell year on year. That combination points to a functioning market with continued price pressure and more selective activity—not evidence that prices had fallen or that demand had disappeared.
Most importantly, the final release corrected the incomplete picture in the flash estimate. Any account of the quarter should use an RPI of 201.0, growth of 1.6% and 6,590 registered transactions. For an individual decision, those national figures are a starting point; current comparable sales, eligibility, financing capacity and the attributes of the specific flat remain more important.
One thought on “HDB Resale Prices Rose 1.6% in Q1 2025: What the Final Data Shows”