Are Resale Prices Starting to Soften? Why It Could Be Good News for Own-Stay Buyers

Private Home Resale Prices Pull Back in November, with the Outside Central Region Seeing the Sharpest Dip

According to flash estimates from the NUS Singapore Residential Price Index (NUS SRPI) released by the Institute of Real Estate and Urban Studies (IREUS) at the National University of Singapore, the local private home resale market experienced a slight pullback in November 2025.

Overall, resale prices of non-landed private residential properties (excluding small units) slipped 0.4% month-on-month in November, with the Outside Central Region (OCR) recording the most noticeable decline.

Regional Performance: OCR Faces Greater Downward Pressure

A breakdown by market segment reveals divergent trends in November:

Resale prices of non-landed private homes in the Outside Central Region (excluding small units) fell 0.4% month-on-month, marking the sharpest drop across segments this month

Resale prices of non-landed private homes in the Central Region (CCR, excluding small units) dipped 0.2% month-on-month

Resale prices of small units slipped 0.2% month-on-month

Overall, correction pressures were more pronounced in suburban locations and mid-tier segments, whereas prime core areas witnessed comparatively milder adjustments.

Sales Volume Cools Markedly, November Transactions Drop by Around 20%

Beyond price movements, the shift in transaction volume was equally noteworthy.

NUS flash data indicates that non-landed private home resale transactions stood at 845 units in November 2025, down by 214 units or roughly 20% compared with 1,059 units in October.

This underscores that as prices softened, a wait-and-see sentiment became increasingly prevalent among both buyers and sellers.

Looking Back at October: Prices Remained on an Upward Trajectory

Notably, NUS also released revised data for October 2025:

The overall property price index rose 0.7% month-on-month (in line with initial flash estimates)

The price index for the Outside Central Region increased 1% month-on-month, maintaining the original estimate

The gain for the Central Region (excluding small units) was revised downward from the flash estimate of 0.3% to 0.2%

The actual increase for small units surpassed earlier expectations, adjusted upward from the flash estimate of 0.7% to 0.9%

Market Interpretation: A Rational Adjustment Rather Than a Structural Downturn

Synthesising both price and volume data, the private resale market in November sent several clear signals:

Price momentum has moderated, with technical corrections emerging in select segments

The Outside Central Region and mid-tier homes faced relatively greater pressure

Prime core central properties continued to demonstrate strong price resilience

Falling transaction volumes signal a more cautious buyer approach

Against the backdrop of an interest rate environment that has yet to fully settle and an expanding pipeline of new launches, it is hardly surprising that the resale market is entering a phase of rationalisation.

The November figures do not indicate a sharp structural trend reversal; rather, they reflect a healthy pause and brief cooling period following previous run-ups.

For owner-occupiers, this represents a window of opportunity with wider options and greater room for negotiation; for investors, regional divergence and product differentiation will become far more pivotal than broad headline market movements.