HDB resale prices accelerate in 1Q24

It rose 1.8% QoQ.

HDB resale prices have risen 1.8% QoQ to $183.7 in 1Q24.

In 4Q23, resale prices only rose 1.1%. 

“Taken together, the 2.9% increase over 4th Quarter 2023 and 1st Quarter 2024 is close to the total increase of 2.8% over 2nd Quarter and 3rd Quarter of 2023,” the Housing and Development Board (HDB) said. 

Apart from prices, resale transactions also grew in 1Q24, rising by 8.0% YoY to 7,068 cases. On a QoQ comparison, resale transactions rose by 1.3%.

“On the whole, the HDB resale market is showing signs of stabilising, as HDB resale prices rose by 4.9% in 2023, less than half of the 10.4% increase in 2022, and the 12.7% increase in 2021,” the HDB said.

“The economic outlook is subject to uncertainties, particularly stemming from ongoing geopolitical conflicts, which could precipitate negative global supply and demand shocks. Domestic mortgage rates are expected to remain at levels that are elevated relative to the low levels seen over the past decade. As such, households should continue to exercise financial prudence in their flat purchases,” the HDB added.