How is the HDB Resale Price Index calculated?

HDB calculates the RPI using a hedonic regression model that adjusts for flat characteristics — type, floor area, storey, remaining lease, and location — so that the index reflects genuine price change rather than shifts in the mix of flats sold. It is published every quarter, typically within a month of the quarter end.

What does an increase in the HDB RPI mean for buyers?

A rising HDB RPI means that a comparable flat costs more than it did the previous quarter, all else equal. For buyers, it signals higher entry costs. For sellers, it signals stronger transaction prices. The RPI is an aggregate measure; individual flat prices can diverge from the index depending on town, flat type, and lease remaining.

Home›Market Trackers›Questions

PropKaki Intelligence — Questions

What is the HDB Resale Price Index?

The HDB Resale Price Index (RPI) is the official quarterly barometer of Singapore's public housing resale market — published by HDB and used by buyers, sellers, and analysts to track how resale prices are moving over time.

At a glance

The HDB Resale Price Index stood at 202.8 in Q2 2026, down 0.3% from the previous quarter and down 0.0% year-on-year, with an overall median resale price of S$630,000. Transaction volume was 6,193 resales that quarter (down 9.2% year-on-year). The index is published quarterly by HDB and tracked by PropKaki's Singapore HDB Resale Tracker.

HDB Resale Price Index — last 8 quarters

Quarter	RPI	QoQ	Resale volume
Q2 2026	202.8	−0.3%	6,193
Q1 2026	203.4	−0.1%	6,043
Q4 2025	203.6	−0.0%	5,020
Q3 2025	203.7	+0.4%	6,939
Q2 2025	202.9	+0.9%	6,823
Q1 2025	201.0	+1.6%	6,303
Q4 2024	197.9	+2.6%	6,180
Q3 2024	192.9	+2.7%	7,831

Source: HDB's official quarterly resale statistics via data.gov.sg, as tracked by PropKaki Intelligence.

Reading the RPI alongside transaction volume

The RPI tells you the direction of prices. Transaction volume tells you conviction. When both the RPI and volume rise together, the market is broadly active. When prices rise but volume falls, fewer buyers are transacting at the higher level — a more selective market. PropKaki's HDB Resale Tracker tracks both series with history back to 2017 alongside the full breakdown by flat type.

For a longer-horizon view of whether HDB resale prices are rising faster or slower than household income, PropKaki computes the PropKaki Affordability Index™ — the median 4-room HDB resale price divided by the median annual household income, annually. View the Affordability Tracker →

How the RPI is constructed

HDB uses a hedonic regression model that controls for the observable characteristics of each flat — type (3-room, 4-room, 5-room, Executive), floor area, storey range, remaining lease, and planning area. This lets the index isolate genuine price change from changes in the mix of flats traded in any given quarter. A quarter with unusually many Executive flats sold would otherwise inflate the index artificially; the hedonic approach strips that out.

RPI vs. median resale price — what's the difference?

The RPI is a quality-adjusted index designed to measure price change over time. The median resale price is the midpoint of actual transaction prices in a given quarter — it is easier to interpret in dollar terms but is sensitive to changes in the mix of flats sold. For tracking market direction, use the RPI. For understanding what buyers actually paid, use the median.