Although homeowners have grown accustomed to watching property values climb steadily, HDB resale prices finally hit a standstill during the fourth quarter of 2025. This sudden market stagnation marks a significant shift in the local housing landscape, representing the first officially unchanged quarter in nearly six years. The last time the market saw such flat performance was back in the first quarter of 2020, which feels like a lifetime ago for enthusiastic property watchers.
According to flash estimates released by the Housing and Development Board on January 2, 2026, this zero-growth period followed a very trim 0.4 percent increase in the prior quarter, contributing remarkably to an annual slowdown in price momentum.
For the full year, HDB resale price growth reached a modest 2.9 percent in 2025, a figure that is substantially lower than the robust 9.7 percent growth recorded in 2024. In fact, this annual figure marks the absolute weakest growth since 2019, contrasting sharply with the double-digit gains seen in the year prior to 2024. Geographically, the weakness was widespread in the fourth quarter as 16 towns declined in price while only eight registered an increase.
It seems the market, after running a marathon of steep increases, has finally decided to catch its breath. This cooling trend was driven largely by weaker resale volumes during the fourth quarter, indicating that buyer demand might be softening amidst broader market dynamics. The government’s adjustments to ABSD rates in recent years have contributed significantly to cooling the property market and ensuring housing affordability for locals. Preliminary data indicates that the resale volume slipped to approximately 5,129 flats for the quarter, underscoring the reduced activity levels.
While public housing prices hit the pause button, the private residential market told a slightly different story, as prices there edged up during the same period. Supported by healthy private home sales volumes and a notable boost from the landed homes segment, private properties diverged from the flat performance experienced by HDB resales.
This contrast highlights how specific sectors can effectively buffer weakness elsewhere. As industry observers digest these preliminary figures, all eyes are now set on January 23, 2026, when the Housing and Development Board is scheduled to release the final real estate statistics.
Until then, these flash estimates serve as a clear signal that the frantic pace of the housing boom has cooled, offering a moment of respite for prospective buyers who have been chasing rising prices for years.
