HDB Resale Price Index (RPI)
HDB's official gauge of where resale flat prices are heading, quarter by quarter since 1990 - the latest reading, the long-run chart, and what the index does and doesn't tell you.
(1Q2009 = 100)
The index stood at 202.8 in Q2 2026, -0.3% on the quarter before, and sits 0.4% below its peak of 203.7 in Q3 2025. That puts resale prices about 103% above their level in early 2009, the index's base, and 38.5% higher than five years earlier.
The index since 1990
The last full cycle is the one most buyers remember. The index peaked at 149.4 in Q2 2013, then eased for 6 years to 130.8 in Q2 2019 - a fall of 12.4%. From that low it has climbed 55% to today's reading.
The latest quarters
| Quarter | Index | On the quarter | On the year |
|---|---|---|---|
| Q2 2026 | 202.8 | -0.3% | 0.0% |
| Q1 2026 | 203.4 | -0.1% | +1.2% |
| Q4 2025 | 203.6 | 0.0% | +2.9% |
| Q3 2025 | 203.7 | +0.4% | +5.6% |
| Q2 2025 | 202.9 | +0.9% | +8.0% |
| Q1 2025 | 201.0 | +1.6% | +9.4% |
| Q4 2024 | 197.9 | +2.6% | +9.7% |
| Q3 2024 | 192.9 | +2.7% | +8.1% |
The RPI against the median price
The figures elsewhere on this site are medians: the middle price of the flats that actually sold. A median shifts whenever the mix of flats sold shifts - a quarter with more big, new or central flats lifts it even if no individual flat is worth more. The RPI is built to strip that mix effect out. Put on the same scale, the two mostly tell the same story:
Since Q2 2012, the index has risen 44.5% and the median 43.2%. The widest gap came in Q3 2014, when the rescaled median sat 4.9% below the index - a reminder that one quarter's median can say as much about which flats sold as about prices.
Sales for Q3 2026 are already on record, though still provisional while late registrations come in: their median, $638,000 across 7,412 resales, is +1.3% on Q2 2026's. That is the raw median, not the index - HDB's own figure for Q3 2026 follows as a flash estimate and then a final number.
Year by year
| Year | Index | Change |
|---|---|---|
| 2026 (to Q2) | 202.8 | -0.4% |
| 2025 | 203.6 | +2.9% |
| 2024 | 197.9 | +9.7% |
| 2023 | 180.4 | +4.9% |
| 2022 | 171.9 | +10.4% |
| 2021 | 155.7 | +12.7% |
| 2020 | 138.1 | +5.0% |
| 2019 | 131.5 | +0.1% |
| 2018 | 131.4 | -0.9% |
| 2017 | 132.6 | -1.5% |
| 2016 | 134.6 | -0.1% |
| 2015 | 134.8 | -1.6% |
| 2014 | 137.0 | -6.0% |
| 2013 | 145.8 | -0.6% |
| 2012 | 146.7 | +6.5% |
| 2011 | 137.7 | +10.7% |
| 2010 | 124.4 | +14.1% |
| 2009 | 109.0 | +8.1% |
How to read the index
It measures the market, not your flat. The RPI tracks how prices of comparable flats moved across Singapore. A particular flat can do better or worse depending on its town, floor, condition and, above all, how much lease it has left - see lease decay, explained.
Compare two quarters as a percentage. Divide one reading by the other: from 134.7 in Q2 2016 to 202.8 in Q2 2026 is a rise of 50.6%. The level itself means nothing on its own beyond "relative to early 2009".
Pair it with actual prices. The index tells you the direction; for what flats like the one you are looking at sell for, use the town pages and every recorded sale, and the monthly market update for the newest data.
HDB Resale Price Index FAQ
What is the HDB Resale Price Index?
The HDB Resale Price Index (RPI) is HDB's official quarterly measure of how resale flat prices are moving across Singapore. It is set to 100 in the first quarter of 2009, so a reading of 202.8 means resale prices were about 2.03 times their early-2009 level. Since the fourth quarter of 2014 HDB has computed it with a stratified hedonic regression, which adjusts for differences between the flats sold, such as location, age and floor level.
What is the latest HDB RPI?
The latest final index is 202.8 for Q2 2026 (2Q2026), -0.3% on the previous quarter and 0.0% on a year earlier.
Are HDB resale prices still rising?
In Q2 2026 the index slipped (-0.3% on the quarter). Its highest reading so far was 203.7 in Q3 2025, so the latest figure is 0.4% below that peak. Over the last five years it has risen 38.5%.
How is the RPI different from the median resale price?
A median is simply the middle price of the flats that happened to sell, so it moves when the mix of flats sold changes - more large, new or central flats in a quarter pushes it up even if no individual flat is worth more. The RPI is designed to strip that mix effect out, so it tracks price changes for comparable flats.
When is the HDB RPI released?
HDB publishes a flash estimate around the end of each quarter and the final index about four weeks later. This page uses the final figures published on data.gov.sg.
Related: this month's market update