Despite a slight slowdown in the HDB resale market in April 2026, a 5-room unit in Bukit Merah had smashed the all-time high record price for HDB resale flats during the month when it was resold for $1.728 million.

This comes even as the HDB resale market moderated in April, in line with the broader trends observed in Q1 2026. Following various rounds of cooling measures and the ramp-up in new flat supply in recent years, the effects of these interventions are becoming evident in the market. This is reflected in the easing of price growth and stabilising sales volume.

Based on transaction data, there were 1,941resale flats sold in April 2026, down by 5% from 2,046 units resold in the previous month (see Chart 1). On a year-on-year basis, sales were about 16% lower than the 2,297 flats transacted in April 2025. The two towns that topped sales in April 2026 were Tampines, and Woodlands.

Meanwhile, the average resale price dipped by 0.7% month-on-month (MOM) to $657,726 in April from $$662,156 in the previous month. However, it is still up by 0.8% compared with the average resale price a year ago (see Chart 1). The marginal price decline comes after HDB resale prices fell into negative territory for the first time in nearly seven years in Q1 2026.

The HDB resale price index slipped by 0.1% quarter-on-quarter in Q1 2026, after remaining unchanged in Q4 2025. It is the first quarterly decline in the price index, since the 0.2% QOQ drop in prices in Q2 2019. The decline could mark a meaningful inflection point, following an extended period of healthy growth in resale flat prices.

Chart 1: HDB resale volume and average resale price

By flat type and town classification, the average prices of resale flats moderated among selected flat types in both mature and non-mature towns. In mature estates, 5-room resale flats saw a sharper 2.9% MOM decline in the average price to $927,847 in April, while that of the 3-room and executive flats decreased by 2.6% MOM and 1.5% MOM, respectively (see Table 1). Meanwhile, 4-room resale flats in mature towns bucked the down trend, as the average resale price inched up by 1.0% MOM in April, partly supported by million-dollar resale flat deals.

Similarly, it is likely that million-dollar resale flat transactions had helped to lift the average resale price of executive flats in non-mature towns which rose by 0.7% MOM in April (see Table 1). There were 14 executive flats in non-mature towns that fetched at least $1 million each in April, equally the record high monthly tally of such sales in July 2025. Meanwhile, 3-room resale flats posted a 2.9% MOM average price growth in April, possibly held up by relatively stable demand.

Table 1: Average HDB resale flat prices by flat type, by town classification

Overall, the sales data showed that the proportion of flats resold that were priced at below $500,000 in April was 22.5%, marginally lower than the 22.6% in the previous month. About 42.6% of the resale flats sold fetched between $500,000 and under $700,000, rising from 41.1% in March. Meanwhile, the proportion of resale flat deals done at $700,000 to just under $1 million in April came in at 27.8%, easing from 29.3% a month before. In addition, the proportion of flats resold for at least $1 million in April was unchanged from March at 7.1% (see Chart 2).

Chart 2: HDB resale flat transactions by price range

Million-dollar resale HDB flats

Although the broader HDB resale market is softening, there is bifurcation as the "million-dollar" resale flat segment remained resilient. In April, the number of million-dollar resale flats sold continues to be elevated at 138 units (see Chart 3), comprising a terrace flat, 57 units of 4-room flats, 48 units of 5-room flats, and 32 executive flats.

Including the 412 units of million-dollar resale flats sold in Q1 2026, there were 550 such flats transacted in the first four months of this year - on track to potentially surpass the record 1,593 units of million-dollar flats resold in 2025.

Chart 3: Number of HDB flats resold for at least $1 million by month

Of the million-dollar resale flats sold in April, 16 units are located in non-mature towns: seven units in Woodlands; three in Hougang; two in Jurong East; and one each in Punggol, Yishun, Sengkang, and Bukit Panjang. The rest of the units are in mature towns, led by Queenstown with 21 transactions, followed by Toa Payoh and Ang Mo Kio with 17 and 15 deals, respectively.

In particular, PropNex notes that among the 15 units of million-dollar resale flats in Ang Mo Kio, 11 of them are at Ang Mo Kio Court in Ang Mo Kio Street 23 which had recently reached their 5-year minimum occupation period (MOP). It is also the HDB project that saw the highest number of million-dollar resale deals in April.

The priciest HDB resale flat sold in April - and also posting the all-time high resale price for HDB flats - was a 5-room flat in City Vue @ Henderson at 96A Henderson Road which fetched $1.728 million. The 113-sq m unit is located on a very high floor between the 46th and 48th storey, and has a remaining lease balance of 92 years and one month at the time of resale.

Table 2: Top 10 HDB resale flats sold in April 2026 by Transacted Price

Contact a PropNex salesperson to find out more about resale HDB market trends.