HDB resale prices up 2.1% in Q2, marking fastest quarterly rise since 2022

The spike in resale prices and volume were driven by strong demand coupled with tightness in market supply as fewer flats met the minimum occupation period in 2024 compared to the year prior

Jul 1, 2024

HOUSING and Development Board (HDB) resale prices booked their fastest quarterly rise since 2022 amid a rise in demand and tighter supply.

Flash data released by the housing board on Monday (Jul 1) showed that HDB’s Resale Price Index (RPI) for the second quarter of 2024 stood at 187.6, up 2.1 per cent from Q1.

This nearly met the pace of growth last registered in 2022, when the index climbed 2.3 per cent to 171.9 in Q4 from the quarter prior.

Resale volumes for Q2 2024 up to Jun 27 stood at 7,208, representing a 14.5 per cent year-on-year increase.

HDB said the spike in both resale prices and volume were driven by a strong broad-based demand, coupled with some supply tightness in the market as fewer flats met the minimum occupation period in 2024 as compared to the year before.

While the board noted “sound” overall economic conditions it said the global economic outlook remains subject to uncertainties, especially from ongoing geopolitical instabilities that could precipitate global supply and demand shocks.

It also expects domestic mortgage rates to remain elevated relative to the low level seen over past decades.

“Households should exercise prudence in their property purchases and ensure that they can service their mortgages over the long term. The government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market,” said HDB.

The board intends to offer about 8,500 flats across 14 build-to-order (BTO) projects in its upcoming October 2024 BTO exercise.

Depending on their specific locational attributes, these projects will be offered across the new Standard, Plus or Prime categories.

HDB said it remains on track to launch a total of 100,000 flats from 2021 to 2025.

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