01 July 2026, Singapore - Price momentum in Singapore's housing market appears to be softening, as private home prices grew at a slower pace in Q2 2026 while HDB resale prices continued to dip after posting a marginal correction in the preceding quarter, according to the flash estimates.

Q2 2026 URA Private Residential Property Index (Flash)

Flash estimates 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). 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. The flash estimates captured private home transactions up till mid-June; the final print for the full Q2 2026 will be released on 24 July 2026.

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

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The landed private homes segment led price increase in Q2 2026, posting a 2.6% QOQ growth after a 0.4% QOQ decline in the previous quarter. The price growth came amid relatively stable market activity. Based on URA Realis caveat data, there were 491 landed home transactions in Q2 2026 (up to 23 June), slightly lower than the 509 deals recorded in Q1 2026. The caveat data, meanwhile, showed that the average unit price on land area of Detached, Semi-detached and Terrace houses rose across the board in Q2 2026, reflecting growths of between 3.3% QOQ to 5.9% QOQ. The rise in average landed home prices in the absence of a substantial increase in sales volumes suggests that demand for landed homes remained resilient and continued to underpin values in a segment marked by limited supply.

Meanwhile, non-landed private home prices dipped in Q2 2026, falling by 0.1% QOQ compared with the 1.3% QOQ growth in Q1 2026, according to the flash estimates. The moderation may be attributed to softer PPI readings in two sub-markets, where the composition of sales in Q2 2026, including healthy transactions at new launches influenced price movement from the previous quarter.

In the Rest of Central Region (RCR), non-landed private home price decreased by 1.4% in Q2 2026, reversing the 0.8% QOQ increase in the previous quarter. The quarterly dip, however, is not indicative of a broad market retreat. It largely reflects the dominance of Hudson Place Residences in Q2 2026 new sale transactions, where a land cost of $1,037 psf ppr supported more accessible pricing. Looking ahead, RCR may see some price upside as new projects anchored by firmer land costs come to market. Hudson Place Residences sold 218 of its 327 units (67%) at an average price of $2,468 psf (see Table 2). In Q3 2026, RCR sales could be boosted by the anticipated launch of Thomson Reserve, a mega development on the former Thomson View Condominium site which may hit the market in September.

Table 2: Best-selling new non-landed private residential projects in Q2 2026*

Over in the Outside Central Region (OCR), non-landed private home prices fell marginally by 0.2% QOQ, even as the sub-market led new home sales in the quarter. Three OCR projects - Tengah Garden Residences and Vela Bay which were launched in Q2 2026, as well as Narra Residences which hit the market in Q1 2026 (see Table 2) - were among the top five best-selling projects in Q2 2026 (till 21 June), according to caveats lodged. The slight price dip in Q2 2026 likely reflected the high concentration of transactions at Tengah Garden Residences, where prices were influenced by the project's new town setting and relatively modest land cost. In Q3 2026, the OCR could continue to be a market driver with the anticipated launch of Lentor Gardens Residences and Lucerne Grand in Lakeside Drive.

Bucking the down trend, home prices in the Core Central Region (CCR) rose by 2.0% QOQ in Q2 2026, accelerating from the 0.6% gain in Q1 2026 despite the absence of fresh launches in the quarter. Based on URA caveat data, the volume of new non-landed private homes sold in the CCR fell from 689 units in Q1 2026 to 63 units in Q2 2026 (till 21 June). Looking ahead, the CCR PPI may potentially inch up with upcoming launches Amberwood at Holland and Dunearn House expected to achieve meaningful take-up, being the first projects to be launched in new housing precincts in Holland Plain and Bukit Timah Turf City, respectively.

Mr Kelvin Fong, CEO of PropNex said:

"The private residential market continued its measured pace of appreciation in Q2 2026, with the overall URA PPI rising by 0.5% QOQ, as per the flash estimates. While overallprice growth has eased from the pace seen in previous quarters - Q2's increase was the slowest in seven quarters - we believe market fundamentals remain broadly healthy, supported by resilient owner-occupier demand and continued confidence in well-located projects. We expect the overall private home prices may likely rise by 3% to 4% for the whole of 2026.

According to URA monthly sales data and caveats lodged, developers sold an estimated 2,109 new private homes (ex. EC) in Q2 2026 (till 21 June), which is slightly higher than the 2,013 units in Q1 2026. This takes new home sales to around 4,120 units (ex. EC) in roughly the first half of the year. For the entire 2026, we project that developers' sales could come in at around 9,000 units (ex. EC).

What stood out in Q2 2026 was the wide variance in transacted prices in the OCR. New units at Vela Bay commanded an average price of nearly $2,900 psf, compared with about $2,020 psf at Canberra Crescent Residences - a gap of more than $800 psf within the same region in the same quarter. Tengah Garden Residences, meanwhile, transacted units at an average price of just over $2,100 psf. This is probably among the most varied new sale pricing that we have seen in the OCR in a single quarter in recent memory, reflecting an increasingly differentiated market based on location-specific attributes within the OCR, as well as differences in land costs. That both Vela Bay and Tengah Garden Residences at varied price-points saw strong take-up also speaks to the breadth of OCR demand.

This may reshape how buyers and developers approach pricing reference in the OCR. Typically, the OCR has been treated as a single market band, which may no longer be the case as land costs become more varied and those differences will directly affect launch pricing. Land prices of upcoming OCR projects (ex. EC) range from sub-$1,000 psf ppr to more than $1,300 psf ppr for government land sales sites that have been awarded.

We observe that developers have generally kept up with pricing discipline. In Q2 2026 (till 21 June), nearly 70% of the new non-landed private homes (ex. EC) sold were priced at below $2.5 million - a 15 percentage-point jump from that of the previous quarter (see Table 3). Across all regions, the proportion of new home sales completed at below $2.5 million rose in Q2, with the $1.5 million to $2 million band the dominant price range across sub-markets and overall.

In our view, the sales data showed that developers are calibrating prices to where most of the buyer budgets sit. Meanwhile, the concentration of new non-landed private home sales in the $1.5 million-$2 million price range reflects that developers are managing unit sizing and PSF price to keep overall quantum within reach of prospective buyers."

Table 3: Proportion of new non-landed private homes (ex. EC) sold by region by price range in Q1 2026 and Q2 2026*

Q2 2026 HDB Resale Price Index (Flash)

Flash estimates 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 4). 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 6,268 resale flats were transacted in Q2 2026 (till 29 June) - relatively stable compared with 6,285 flats resold in Q1 2026.

Table 4: HDB Resale Price Index

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

"The trajectory of the HDB resale price index over the past seven quarters tells a story of consistent moderation, with quarterly price growth steadily easing from the 2.7% QOQ increase in Q3 2024 (see Table 4). Flash estimates showed that HDB resale prices dipped in Q2 2026 - extending the deceleration that has been evident since last year. This is the first back-to-back quarters of negative index movement since the first half of 2019.

In our view, the moderation in the broader HDB resale market reflects a recalibration in the segment following years of healthy price appreciation, and as cooling measures and the increase in the supply of new build-to-order (BTO) flats work through the market. That being said, we do not expect significant correction in HDB resale prices as underlying demand for resale flats continues to be supported, including by households who are unable to secure BTO flats in their preferred locations, among permanent residents or higher-income households who are not eligible to apply for BTO flats. In addition, flat sellers may be reluctant to lower asking prices substantially given the high cost of buying a replacement home.

While the broader market has moderated, demand has remained resilient in some sought-after locations. The number of flats resold for at least $1 million continues to be elevated. According to sales data retrieved on 1 July 2026, there were 491 units of million-dollar flats transacted in Q2 2026 - up from 411 units resold in the previous quarter. It is also the highest number of such flats resold in a single quarter, overtaking the previous record of 480 units in Q3 2025. Notably, the proportion of such flats against the total transactions also rose to a quarterly high at 7.9% in Q2 2026, as per sales data. This points to the enduring scarcity premium commanded by desirable resale HDB flats with unique characteristics, such as units on high-floors, with longer remaining lease, spacious floor area, and/or located closer to the city.

We note that six towns recorded new record high single-transaction prices in the quarter. These are in Bedok, Bukit Merah, Bukit Timah, Central Area, Clementi, and Tampines (see Table 5). In particular, the record price set at Bukit Merah at $1.728 million is also the all-time high for overall HDB resale flats. These transactions indicate that highly desirable HDB flats continue to attract motivated buyers who are willing to pay top dollar for the right unit.

Table 5: New HDB resale record prices set in five towns in Q2 2026*

Based on HDB's announcement, 6,268 flats were resold in Q2 2026 (till 29 June), taking the resale volume to 12,553 units in 1H 2026 - lower than the 13,692 resale flats sold in 1H 2025. To this end, we project that the HDB resale volume may potentially come in at around 26,000 to 27,000 units in the whole of 2026, in view of the higher number of flats expected to achieve their 5-year minimum occupation period (MOP) this year. Meanwhile, we anticipate that HDB resale prices could potentially rise by up to 1% in 2026."