Singapore's condo resale market saw little change in activity in August 2026, as the Hungry Ghost Month likely led some buyers to put their purchases on hold. However, the absence of new project launches may have helped to keep attention on resale homes, limiting the seasonal slowdown.

Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the small monthly change in volume did not necessarily point to stronger buying momentum, particularly as activity continued to trail both last year's level and the five-year average for August.

Resale volume holds close to July, but remains below past levels

Buyers purchased an estimated 1,040 resale condos in August, compared with 1,044 in July, marking a month-on-month decline of just 0.4 per cent. While this suggests that activity broadly held its ground, the longer-term comparisons show a quieter market.

August's resale volume came in 7.2 per cent below the same month in 2025 and 9.4 per cent below the five-year August average. In other words, transactions barely changed from July, but buying activity remained below the levels typically seen during this period.

The Hungry Ghost Month likely contributed to the softer activity, with some buyers choosing to delay their purchases. At the same time, the pause in new project launches may have kept some prospective buyers focused on resale options, helping to cushion the seasonal dip.

However, Luqman explained that the calendar alone was unlikely to account for the subdued market.

"Buyers have been taking longer to decide, while some sellers remain firm on their asking prices. This gap in expectations can slow transactions, particularly when buyers have several alternatives to compare."

As a result, fewer competing launches did not necessarily translate into more resale deals. Buyers still needed to find homes at prices they were comfortable paying, while sellers had to decide whether they would accept the offers on the table.

OCR accounts for nearly half of resale transactions

Across the three regions, the Outside Central Region (OCR) recorded the largest share of resale activity, accounting for 48.6 per cent of August's transactions. The Rest of Central Region (RCR) followed with 33.5 per cent, while the Core Central Region (CCR) contributed 17.9 per cent.

The OCR accounted for close to one in two condo resale transactions in August.

Separately, sub-sales made up 3.9 per cent of all secondary sale transactions, which include both resales and sub-sales. This share remained stable compared with July. A sub-sale occurs when an owner sells a unit before the project reaches completion. These transactions therefore form a separate part of the secondary market from resales of completed homes.

Overall prices ease, despite gains in the RCR and OCR

Overall condo resale prices declined by 0.3 per cent in August, although the three regions moved in different directions. CCR prices fell by 4.3 per cent, while RCR and OCR prices rose by 0.5 per cent and 0.8 per cent, respectively.

The year-on-year figures showed a similar split. Compared with August 2025, CCR prices were 2.6 per cent lower, whereas RCR prices increased by 3.3 per cent and OCR prices rose by three per cent.

Overall resale prices eased in August, while prices in the RCR and OCR continued to rise.

Luqman suggested that the overall monthly decline could reflect continued price sensitivity and more room for negotiation on some homes. Nevertheless, the 2.2 per cent annual increase shows that overall resale prices remained above their level a year ago. August's slight easing therefore sat alongside a longer-term rise in prices, even as buyers continued to weigh their options carefully.

Four Seasons Park records August's highest resale price

A unit at Four Seasons Park fetched S$7.883 million, making it the highest-priced condo resale transaction in August.

Meanwhile, Reflections at Keppel Bay recorded the RCR's highest resale transaction at $5.3 million, while a unit at The Hillside led the OCR with a sale price of $5.18 million. These figures highlight the month's top individual deals, while the price index gives a broader view of how resale prices moved across the market.

Median capital gain rises to S$382,000

Despite the slight monthly easing in overall prices, the median capital gain for resale condos increased to $382,000 in August, up $4,000 from July's $378,000.

Capital gain measures the difference between a unit's current sale price and its previous transaction price. The median represents the middle result among the matched transactions, meaning it offers a different perspective from the monthly price index — it shows how sale prices compare with what previous buyers paid for those same homes.

Among districts that qualified for the ranking, District 20, which covers Ang Mo Kio, Bishan and Thomson, recorded the highest median capital gain at $795,000. In contrast, District 1, covering Boat Quay, Raffles Place and Marina, recorded a median capital loss of $288,000.

The difference shows that the overall median did not reflect every seller's experience, with outcomes varying across the transactions recorded in each district.

District 28 leads with a median unlevered return of 44.1%

The overall median unlevered return for resale condos stood at 30.1 per cent in August. This measure expresses the change from a unit's previous transaction price as a percentage, without factoring in the effect of borrowing.

District 20 led in median dollar gains, while District 28 recorded the highest median percentage return.

District 28, which covers Seletar and Yio Chu Kang, posted the highest median unlevered return at 44.1 per cent. Meanwhile, District 1 recorded the lowest at -11.5 per cent, alongside its position at the bottom of the median capital gain ranking.

Both calculations compare each unit's current transaction price with its previous transaction price. To qualify for the district rankings, a district must have at least 10 matching transactions.

Will deferred purchases lift resale activity?

Looking ahead, the end of the Hungry Ghost Month could bring some buyers back to the resale market as they resume purchases they had put on hold. 

However, the return of new launches could also give them more homes to consider before they make a decision. As Luqman noted, "The resumption of new launches may also draw buyers towards the primary market or encourage them to compare both options before committing."

For resale sellers, this means that renewed buyer interest may still come with careful comparisons and negotiations over price. 

August's figures suggest that buyers remain active, but many are taking their time to find a home that meets both their needs and their budget. 

Whether those enquiries turn into transactions will depend partly on how closely buyers' offers and sellers' expectations align, particularly as the launch calendar becomes busier.

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This article was first published in 99.co.