The HDB Resale Price Index (RPI) tracks resale flat price movements quarterly. As of Q1 2026, the RPI stood at approximately 192.0, up 4.2% year-on-year and continuing the steady moderation trend since the 2022 peak. RPI growth has averaged 3-5% per year over the past 3 years — well below the 10%+ growth seen in 2021.
What the RPI measures
The HDB RPI is a quarterly index published by HDB tracking the median resale prices across all flat types and locations. Base value of 100 was set in Q1 2009. Source: HDB Resale Statistics.
Recent RPI trend
| Quarter | RPI value | QoQ change | YoY change |
|---|---|---|---|
| Q1 2023 | 173.6 | +0.9% | +9.1% |
| Q1 2024 | 181.0 | +1.4% | +4.3% |
| Q1 2025 | 184.3 | +0.9% | +1.8% |
| Q1 2026 | 192.0 | +1.5% | +4.2% |
The 4.2% YoY growth in Q1 2026 is moderate by historical standards but reflects healthier underlying demand vs the cooling-measure-driven slowdown of 2024.
RPI growth by flat type
Larger flats have outperformed smaller flats:
- 5-room flats: +5.1% YoY
- 4-room flats: +4.3% YoY
- 3-room flats: +3.2% YoY
- Executive flats: +5.4% YoY (rarer supply, higher demand)
What the RPI means for buyers and sellers
- Sellers: Current 4.2% growth supports holding for further appreciation rather than rushed sale.
- Buyers: Annual growth at 4% remains affordable when income rises faster; BTO subsidies still cushion entry pricing.
- Investors: HDB cannot be rented out by non-owners during MOP; investment thesis is owner-occupier capital growth only.
See related: complete HDB buying guide.
Frequently asked questions
How often is the RPI updated?
Quarterly — typically released within 4 weeks of quarter-end.
Does the RPI include million-dollar HDB sales?
Yes. Million-dollar HDB transactions are included in the median computation but are a small percentage of total volume.
What's the RPI floor / ceiling?
No mathematical floor or ceiling. Historical low was 92.5 in Q2 2009; current high is 192.0 in Q1 2026.