HDB resale prices rose by 2.3% in 2nd quarter of 2024, buyers urged to exercise prudence

The prices of Housing and Development Board (HDB) resale flats increased by 2.3 per cent in the second quarter of 2024, marking the highest rate of increase since the fourth quarter of 2022.

Highest rate of price increase since Q4 2022

This is according to data by HDB.

The median resale prices in the various estates were:

HDB also pointed out that resale transactions that have surpassed the million-dollar mark continued to make up a small proportion of total resale transactions in the second quarter of 2024.

The vast majority of resale flats were transacted at a "much lower price and remained affordable", HDB added.

4% more resale flat transactions

In addition, the number of resale flat transactions increased by 4 per cent in the first quarter, from 7,068 to 7,352 transactions.

Compared to the second quarter of 2023, the number of resale transactions in the second quarter of 2024 were 12.9 per cent higher.

HDB added that the increase in resale prices and volume for the second quarter of 2024 were driven by a strong broad-based demand, as well as some supply tightness in the market with fewer new flats meeting the Minimum Occupation Period in 2024 as compared to 2023.

Buyers should exercise "prudence"

HDB also called on homeowners to exercise prudence in their property purchases and ensure that they are able to service their mortgages over the long term.

The statutory board said that domestic mortgage rates are expected to remain elevated relative to the low level seen over the past decade.

While overall economic situations are sound, the global economic outlook is subject to uncertainties, particularly stemming from ongoing geopolitical instabilities that could precipitate global supply and demand shocks.

8,500 BTO flats to be offered in the October 2024 sale

HDB also said it would be offering 8,500 Build-To-Order (BTO) flats for sale across 15 BTO projects in October 2024.

Standard, plus or prime flats will be offered based on their specific locational attributes.

More details on the projects will be shared during the launch.

Top photo from Unsplash