What is the HDB Resale Price Index?

The HDB Resale Price Index stood at 203.4 in Q1 2026, down 0.1% from the previous quarter and up 1.2% year-on-year, with an overall median resale price of S$630,000. The index is published quarterly by HDB and tracked by PropKaki's Singapore HDB Market Tracker.

HDB Resale Price Index — last 8 quarters

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

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.