The third quarter of 2024 has seen a continuing rise in prices for resale HDB flats, marking the 18th consecutive quarter of an upward trajectory. According to the flash estimates released by HDB on October 1, resale prices have increased by 2.5% quarter-on-quarter (q-o-q) in 3Q2024, surpassing the 2.3% q-o-q growth seen in the previous quarter.
This marks the highest quarterly growth since 3Q2022, when resale prices rose by 2.6% q-o-q. Since the beginning of the year, HDB resale prices have risen by 6.8%, showing a faster rate of price growth compared to the 3.8% increase recorded during the same period last year. However, the current rate of price growth is still lower than the 8% spike seen in the first three quarters of 2022.
The surge in HDB resale prices can be attributed to strong demand from buyers as well as a shortage of supply, with fewer new HDB …