HDB resales rose 14% in August after the wait-out ended, but psf held flat

HDB resale registrations rose 14% year on year in August 2026, the first full month after the 15-month wait-out was lifted for private homeowners buying resale flats without an HDB loan 31. A total of 2,521 resales were registered, against 2,203 in August 2025 and a monthly average of 2,125 over January to July 2026 3. Prices did not follow. The median price per square foot across all flats was about $601 in August, a shade below the $605 of a year earlier 3. For private owners weighing a move into a resale flat, that combination matters more than any single headline number, and this piece sets out why.

What changed on 28 July

National Development Minister Chee Hong Tat scrapped the 15-month wait-out on 28 July 2026, effective the same day, for private homeowners who buy a resale flat on the open market without an HDB loan 1. The change covers former private property owners as well as current ones 2. The wait-out had applied since 30 September 2022, when it arrived as part of a wider package of cooling measures 2. Before the change, Mothership reported, citizens aged 55 and above were already exempt when downsizing to a four-room or smaller flat 1.

The government pointed to several quarters of price moderation in the resale market 1. AsiaOne reported that HDB's resale price index fell 0.1% in the first quarter of 2026 and 0.3% in the second 2.

Who can use the change, and who cannot

Three conditions all have to hold. The buyer owns, or used to own, private residential property. The flat is a non-subsidised resale flat bought on the open market. And no HDB loan is involved 2.

One obligation stays. A buyer who still owns a private home has six months from completing the flat purchase to dispose of it, and that applies to homes held overseas as well as in Singapore 2.

First-time buyers, BTO applicants and anyone financing with an HDB loan see no change from this measure.

The wait-out years in the records

The wait-out was meant to cool demand from private owners, but it did not stop prices rising. HDB's resale records show the median price per square foot climbing through most of the years it was in force 3.

Source: 3.

From 2022 to 2025, the median price per square foot rose from $499 to $604, about 21% 3. Million-dollar resales rose more than fourfold over the same years, from 369 to 1,593 3. Then the climb stopped. The 2026 median to September is $601, level with 2025 3.

That sequence matters for reading August. The rule was lifted into a market where prices had already stopped rising, which is what the government meant by several quarters of moderation 1. A surge in demand from private owners would have had to push against that plateau, and in the first full month it did not.

August in the records: more deals, same price per square foot

Sightlines checked HDB's resale records on data.gov.sg month by month 3. The records list each resale in the month it was registered.

Source: HDB resale records on data.gov.sg, downloaded 28 September 2026 3.

Price per square foot is the fairest single measure here because it strips out the mix of flat sizes. On that basis, prices have sat within a narrow band of about $595 to $609 all year, and August was no exception 3. July's 2,649 registrations were the fourth-highest monthly total in the records, which begin in January 2017 3.

By flat type, the picture is the same. Only executive flats moved noticeably.

Source: 3.

Four-room flats, the largest group, added 186 resales on a year earlier while their median price moved by $1,000 3. Executive flats rose 39% in volume and 5.2% in median price, the one segment where more deals came with higher prices 3. With 170 resales, it is also the smallest group, so one month is a thin basis for a trend 3.

Where the extra deals happened

The rise was not spread evenly. It was concentrated in large suburban towns in the east and north.

Source: 3.

The records do not say who the buyers were, so they cannot show how many of these deals involved private owners. What they can show is where the extra volume landed: Tampines alone added 86 resales, more than any other town 3.

Million-dollar flats reach a new monthly high

August's 201 resales at $1m or more were the highest monthly count in HDB's resale records since January 2017 3. A year earlier the figure was 141 3. They were also spread more widely, across 21 towns against 19 in August 2025 3.

Toa Payoh led with 32 million-dollar resales in August, followed by Queenstown with 26, Bukit Merah with 21 and Bishan with 15 3. Hougang and Kallang/Whampoa had 14 each 3.

The rise in million-dollar deals and the flat median price per square foot are not in conflict. The top of the market is getting busier while the typical flat is not getting dearer, which fits a market with plenty of transactions and little pressure on prices overall.

Why one month is not a verdict

There are two reasons to treat August as an early read.

The first is timing. The records list each resale in the month it was registered, not the day buyer and seller agreed terms 3. Some of August's registrations are therefore likely to be deals struck before the wait-out ended, and the full effect will only show in later months.

The second is what happened last time the rules changed. When the wait-out was introduced at the end of September 2022, registrations fell from 2,578 in September to 1,958 in October 3. Five-room, executive and multi-generation flats made up 33.2% of resales in the 12 months before October 2022 and 29.1% in the 12 months after 3. That wider package included other measures, so the wait-out cannot take all the credit, but it shows how quickly the records can react.

If private owners were returning in large numbers, larger flats might be expected to take a bigger share again. So far that has not happened. Larger flats made up 29.7% of August's resales, against 29.4% over January to July 2026 3.

The timeline test for private owners thinking of moving

For a private owner, the practical change is sequencing. Before, the wait-out meant selling first and then spending 15 months somewhere else before buying a resale flat 1. Now the flat can be bought first, and the private home has to be sold within six months of completing the purchase 2.

That swaps one risk for another. The old risk was the cost and disruption of the gap. The new risk is carrying two homes and having to sell the private one inside a fixed window. A simple way to test a plan is to count the months you will own both homes, and then ask what happens if the private home takes longer to sell than expected.

Three questions help:

1. Can the resale flat be bought in cash and CPF without an HDB loan? The change only applies without one 2.
2. How long have similar private homes in your development taken to sell recently? The six-month clock runs from completion of the flat purchase 2.
3. What would you accept for the private home in month five if it had not sold? That number, not the asking price, is the one to plan around.

The counter-case is worth stating. For an owner who is selling anyway and has no need to buy quickly, the old order of selling first still removes the risk of a forced sale.

What it means for HDB sellers

For owners selling an HDB flat, the records point to more buyers but not higher prices. Volumes in August rose most in Tampines, Punggol and Woodlands, while the median price per square foot across all flats stayed within its usual band 3. A seller in those towns may find a buyer faster, but the data gives no sign that the extra demand has lifted what buyers will pay.

Pricing therefore still rests on recent comparable resales in the same block or street, not on the headline. A seller who prices above the recent median on the strength of the policy change is betting on a price rise the records have not yet shown. The fair read is that the policy has widened the pool of buyers, and the growing number of flats reaching MOP is widening the pool of sellers at the same time 2.

What the industry expects, and what to watch

A National University of Singapore survey of property players, reported by The Business Times, found that some 82% expect HDB resale prices to ease or see only a modest recovery 4.

Supply is also set to rise. According to figures reported by AsiaOne, flats reaching their minimum occupation period will number 19,500 in 2028, up from 15,000 in 2027 and 13,500 this year, against roughly 8,000 last year 2. More flats becoming eligible for resale gives buyers more choice, which is one reason a surge in prices may not follow the rise in deals.

September is still being counted: 1,894 resales had been registered for the month when the records were downloaded on 28 September 2026 3. The months that follow, made up mostly of deals agreed after the change, will show whether private owners are adding lasting demand. Watch the share of larger flats and the median price per square foot together. A rise in both would be the first sign that the change is moving prices, not just volumes.

This is general information, not financial advice. Check the current rules with HDB, IRAS or your bank before you commit.