# HDB Resale Price Index (RPI)

- Topic: Market & data
- Last updated: 6 Nov 2026
- Fact-checked against official government sources: 6 Nov 2026
- Canonical URL: https://propertymeter.sg/glossary/hdb-rpi/

## What is the HDB Resale Price Index (RPI)?

The HDB Resale Price Index (RPI) is HDB's quarterly measure of how HDB resale flat prices change over time, with the 1st quarter of 2009 set at 100. In the 3rd quarter of 2026 it stood at 202.5, down 0.1% from the previous quarter, the third quarterly fall in a row.

## Key facts

- **Published by:** HDB, every quarter, with a flash estimate first
- **Base period:** 1st quarter 2009 = 100
- **3Q 2026:** 202.5, down 0.1% on the quarter (released 23 October 2026)
- **Earlier in 2026:** Down 0.1% in 1Q and 0.3% in 2Q
- **Resale volume, 3Q 2026:** 7,645 transactions, up 19.5% on the previous quarter
- **Policy change:** 15-month wait-out for private property owners buying non-subsidised resale flats removed on 28 July 2026

## How the RPI works

HDB publishes the RPI each quarter: a flash estimate at the start of the following quarter, then the full figure a few weeks later. An index of 202.5 means resale prices are, on average, about twice their level in early 2009.

## Recent figures

| Quarter | Change on previous quarter |
| --- | --- |
| 1Q 2026 | −0.1% |
| 2Q 2026 | −0.3% |
| 3Q 2026 | −0.1% (index 202.5) |

Resale volume rose to 7,645 transactions in the 3rd quarter of 2026, 5.9% higher than a year earlier. HDB said it had not seen a significant rise in prices or purchases by private property owners since the 15-month wait-out was removed.

## Example

A 4-room resale flat that sold for $500,000 when the index was 200 would, if it moved exactly with the index, be worth about $506,250 at 202.5. In practice, individual flats vary with town, floor, lease and condition, so use HDB's median prices by town and recent transactions for the same block.

## Common mistakes

- **Applying the index to one flat.** It shows the market's direction, not a specific flat's value.
- **Mixing up the flash and final figures.** The 3Q 2026 flash estimate, released on 1 October, was 202.4 (down 0.2%); the final figure was 202.5 (down 0.1%).
- **Comparing it with private prices directly.** URA's private index covers different homes and uses its own method.

## Frequently asked questions

### How is the RPI different from URA's price index?

The RPI tracks HDB resale flats. URA's Private Residential Property Price Index tracks private homes and excludes HDB flats.

### Why have HDB resale prices eased?

HDB pointed to several quarters of price moderation and a rising number of flats reaching their MOP: from 8,000 BTO flats in 2025 to 13,500 in 2026, 15,000 in 2027 and 19,500 in 2028.

### Where can I find prices for a specific town?

HDB publishes median resale prices by town and flat type each quarter, alongside the RPI.

## Sources

1. [3rd Quarter 2026 public housing data and upcoming flat supply (23 October 2026)](https://www.hdb.gov.sg/hdb-pulse/news/2026/3rd-quarter-2026-public-housing-data-and-upcoming-flat-supply) (HDB)
2. [Removal of the 15-month wait-out period for private residential property owners (28 July 2026)](https://www.hdb.gov.sg/hdb-pulse/news/2026/removal-of-the-15-month-wait-out-period-for-private-residential-property-owners) (HDB)
3. [Flash estimate of 3rd Quarter 2026 Resale Price Index (1 October 2026)](https://www.hdb.gov.sg/hdb-pulse/news/2026/20261001-Flash-Estimate-of-3rd-Quarter-2026-Resale-Price-Index-and-Upcoming-Flat-Supply) (HDB)
4. [HDB Resale Price Index, 1Q2025 to 1Q2026 (1Q2009 = 100), Annex A1](https://www.hdb.gov.sg/-/media/hdb-pulse/news/2026/1q2026-rpi/Annex-A.pdf) (HDB)

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Source: PropertyMeter (https://propertymeter.sg/glossary/hdb-rpi/). General information only, not financial, legal or tax advice.