Compared to the HDB resale market in July 2024 which scored a new all-time-high (ATH), there were fewer major activities going on in the market this August. While there has been a slight increase in resale price, August has seen drops in both transaction volume and million-dollar flat transactions.
This article explores the HDB resale price trends and statistics that influenced the market in August, providing essential insights into the performance across various regions and the broader market landscape.
Table of contents HDB resale price: Increased by 0.5% in August 2024 compared to July 2024
In August 2024, HDB resale prices experienced a modest increase of 0.5% compared to July 2024. This overall rise in prices reflects a mixed performance across different estates and flat sizes. Notably, properties in Non-Mature Estates saw a more significant price increase of 1.2%, while Mature Estates experienced a slight decrease of 0.2%.
Breaking down HDB price changes in August 2024 by flat types:
3-Room Flats: Prices increased by 0.8%. 4-Room Flats: Prices saw a slight decline of 0.2%. 5-Room Flats: Prices increased by 0.8%. Executive Flats: Prices rose by 1%.
According to the SRX Property Price Index for HDB Resale, there has been a 7.5% year-on-year price increase in the overall market compared to August 2023. This upward trend perpetuates the consistent growth observed throughout the year.
A detailed analysis revealed price increases for all room types from August 2023: 3-Room by 8%, 4-Room by 7.5%, 5-Room by 6.8%, and Executive by 5.7%. Both Mature and Non-Mature Estates prices increased by 6.3% and 8.2%, respectively, from a year ago. These findings underscore the enduring confidence in Singapore’s property market, as all regions exhibited positive growth trends.
Additional reading: July 2024 condo resale market: CCR prices up
