What transaction volumes tell us

How do sales volumes follow the price cycle, and how did policy move them?

Reads the number of private homes sold each quarter. It asks how volume follows the price cycle, how policy moved it, and what the mix of developer, resale and sub sales tells us. The main finding: volume rises in bull phases and falls in bear phases, and sales fell after most tightening rounds.

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FreeKey figures

Sales peaked at 14,797 in 2007 Q2, 2.7 times the average quarter

Private home sales counted by URA, 1999 Q4 to 2026 Q2

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Source: URA private residential sales via data.gov.sg. PropInsights calculation of shares and phase averages. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

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Sales peaked at 14,797 in 2007 Q2, 2.7 times the average quarter
Measure	Value	Note
Peak quarter	14,797	2007 Q2; avg quarter 5,556
Slowest quarter	1,407	2003 Q1, units sold
Average developer share	45.1%	1999 Q4 to 2026 Q2
Sub-sale share, 2007 Q3	15.0%	peak 16.3% in 2008 Q4

FreeStacked columns

Quarterly sales peaked at 14,797 units in 2007 Q2 and stayed under 7,500 from 2023

Units sold per quarter by type of sale, 1999 Q4 to 2026 Q2. Resale and sub-sale counts have a source break at 2015 Q1

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Source: URA private residential sales via data.gov.sg. New sales from developer returns; resales and sub sales from caveats to 2014 and IRAS stamp duty records from 2015 Q1. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

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Quarterly sales peaked at 14,797 units in 2007 Q2 and stayed under 7,500 from 2023
Period	New, uncompleted	New, completed	Sub sale	Resale	Total
1999-Q4	756	234	367	1,942	3,299
2000-Q1	1,133	119	295	1,825	3,372
2000-Q2	850	204	261	1,588	2,903
2000-Q3	1,989	160	278	1,455	3,882
2000-Q4	790	161	137	1,179	2,267
2001-Q1	1,256	149	110	974	2,489
2001-Q2	971	209	128	1,183	2,491
2001-Q3	1,329	164	119	1,407	3,019
2001-Q4	2,821	290	66	985	4,162
2002-Q1	3,827	318	74	1,686	5,905
2002-Q2	1,861	264	84	1,424	3,633
2002-Q3	2,085	261	69	1,505	3,920
2002-Q4	733	136	56	1,455	2,380
2003-Q1	322	105	49	931	1,407
2003-Q2	1,695	222	75	1,489	3,481
2003-Q3	1,470	199	66	1,607	3,342
2003-Q4	1,010	133	56	1,270	2,469
2004-Q1	919	297	67	1,322	2,605
2004-Q2	971	327	94	1,488	2,880
2004-Q3	1,164	333	77	1,594	3,168
2004-Q4	1,563	211	84	1,541	3,399
2005-Q1	1,090	160	87	1,572	2,909
2005-Q2	2,556	224	117	1,738	4,635
2005-Q3	2,079	451	131	2,570	5,231
2005-Q4	2,065	330	228	2,453	5,076
2006-Q1	1,699	159	127	2,467	4,452
2006-Q2	2,369	158	152	3,088	5,767
2006-Q3	2,133	218	321	3,078	5,750
2006-Q4	4,162	249	598	4,064	9,073
2007-Q1	4,565	218	766	4,653	10,202
2007-Q2	4,820	309	1,892	7,776	14,797
2007-Q3	3,367	83	1,535	5,255	10,240
2007-Q4	1,397	52	670	3,296	5,415
2008-Q1	730	32	435	2,210	3,407
2008-Q2	1,417	108	562	2,269	4,356
2008-Q3	1,452	106	566	2,116	4,240
2008-Q4	407	12	267	953	1,639
2009-Q1	2,552	44	417	1,143	4,156
2009-Q2	4,521	133	1,316	4,165	10,135
2009-Q3	5,510	68	1,353	5,809	12,740
2009-Q4	1,841	19	770	4,002	6,632
2010-Q1	4,351	29	997	4,960	10,337
2010-Q2	3,955	78	882	5,253	10,168
2010-Q3	3,561	77	831	4,719	9,188
2010-Q4	3,965	276	729	4,237	9,207
2011-Q1	3,430	165	622	3,507	7,724
2011-Q2	4,325	119	817	4,531	9,792
2011-Q3	4,192	70	616	3,307	8,185
2011-Q4	3,525	78	635	2,701	6,939
2012-Q1	6,458	68	452	2,210	9,188
2012-Q2	5,313	89	711	3,834	9,947
2012-Q3	5,788	128	647	3,711	10,274
2012-Q4	4,296	57	652	3,459	8,464
2013-Q1	5,369	43	395	2,004	7,811
2013-Q2	4,472	66	334	2,073	6,945
2013-Q3	2,385	45	197	1,388	4,015
2013-Q4	2,531	37	174	1,206	3,948
2014-Q1	1,718	26	129	942	2,815
2014-Q2	2,632	33	158	1,388	4,211
2014-Q3	1,465	66	151	1,379	3,061
2014-Q4	1,295	81	129	1,255	2,760
2015-Q1	1,258	53	94	1,250	2,655
2015-Q2	1,999	117	161	1,827	4,104
2015-Q3	2,342	68	130	1,619	4,159
2015-Q4	1,547	56	132	1,464	3,199
2016-Q1	1,359	60	88	1,340	2,847
2016-Q2	2,085	171	154	2,140	4,550
2016-Q3	1,809	172	138	2,477	4,596
2016-Q4	2,136	180	125	1,944	4,385
2017-Q1	2,619	343	70	2,170	5,202
2017-Q2	2,566	511	130	3,698	6,905
2017-Q3	2,199	464	81	3,949	6,693
2017-Q4	1,583	281	120	4,226	6,210
2018-Q1	1,336	245	81	3,666	5,328
2018-Q2	2,231	135	120	4,700	7,186
2018-Q3	2,910	102	81	2,672	5,765
2018-Q4	1,793	43	53	1,971	3,860
2019-Q1	1,797	41	47	1,858	3,743
2019-Q2	2,301	49	45	2,371	4,766
2019-Q3	3,214	67	104	2,378	5,763
2019-Q4	2,422	21	93	2,342	4,878
2020-Q1	2,089	60	40	2,080	4,269
2020-Q2	1,679	34	18	933	2,664
2020-Q3	3,487	30	63	3,467	7,047
2020-Q4	2,583	20	77	4,249	6,929
2021-Q1	3,457	36	88	4,519	8,100
2021-Q2	2,942	24	150	5,333	8,449
2021-Q3	3,502	48	171	5,362	9,083
2021-Q4	2,954	64	159	4,748	7,925
2022-Q1	1,774	51	141	3,377	5,343
2022-Q2	2,307	90	178	4,236	6,811
2022-Q3	2,133	54	242	3,719	6,148
2022-Q4	620	70	204	2,694	3,588
2023-Q1	1,163	93	243	2,622	4,121
2023-Q2	2,070	57	285	2,976	5,388
2023-Q3	1,926	20	355	2,900	5,201
2023-Q4	1,061	31	411	2,831	4,334
2024-Q1	1,124	40	377	2,689	4,230
2024-Q2	705	20	388	3,802	4,915
2024-Q3	1,140	20	352	3,860	5,372
2024-Q4	3,404	16	311	3,702	7,433
2025-Q1	3,351	24	321	3,565	7,261
2025-Q2	1,204	8	269	3,647	5,128
2025-Q3	3,277	11	235	3,881	7,404
2025-Q4	2,909	31	230	3,529	6,699
2026-Q1	1,987	26	175	3,225	5,413
2026-Q2	2,125	16	194	3,813	6,148

FreeTimeline

Sales fell 29% to 59% after five tightening rounds and rose 54% after the 2017 easing

Change in average quarterly sales, four quarters after versus four before (2025: three quarters after)

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Source: URA private residential sales and policy dates (MAS, MOF, MND, IRAS releases), 2009 Q1 to 2026 Q2. PropInsights calculation; rows from data/derived/timeline_policy_windows.csv.

Medians and counts only: no unit-level data.

View the data as a table

Sales fell 29% to 59% after five tightening rounds and rose 54% after the 2017 easing
Event	Start	Note
SSD, LTV cut to 80%	2010-02-19	+7.8%
ABSD introduced	2011-12-07	+8.5%
Loan tenure cap, LTV	2012-10-05	-37.5%
TDSR introduced	2013-06-28	-58.9%
SSD cut to 3 years	2017-03-10	+53.5%
Higher ABSD, lower LTV	2018-07-05	-28.7%
Higher ABSD, TDSR 55%	2021-12-15	-32.8%
TDSR floor up, HDB LTV	2022-09-29	-37.3%
Higher ABSD	2023-04-26	-9.6%
SSD back to 4 years	2025-07-03	-3.4%

FreeFlowchart

The sale type depends on who sells and whether the project is finished

Diagram: how URA splits private home sales

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Source: URA definitions of private residential sales counts.

View the data as a table

The sale type depends on who sells and whether the project is finished
Step	Detail	Leads to
Launch	Developer opens sales	Under construction; New sale, uncompleted
Under construction	Project not finished	Completed; Sub sale
Completed	Project finished	New sale, completed
New sale, uncompleted	Buyer buys from. the developer
Sub sale	First buyer sells again. before completion
New sale, completed	Developer sells a. finished unit	Resale (owner resells)
Resale	An owner sells to. a new buyer

FreeLine chart

Developer share of sales swung between 15% and 75% and stands at 35% in 2026 Q2

Share of all units sold in the quarter (%), 1999 Q4 to 2026 Q2. Developer = new sales, completed and uncompleted

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Source: URA private residential sales via data.gov.sg. Same counts and sources as the first chart. Shares worked out from the counts. Data to 2026 Q2.

Licence: green class (Singapore Open Data Licence).

View the data as a table

Developer share of sales swung between 15% and 75% and stands at 35% in 2026 Q2
Period	Developer	Sub sale
1999-Q4	30.0%	11.1%
2000-Q1	37.1%	8.7%
2000-Q2	36.3%	9.0%
2000-Q3	55.4%	7.2%
2000-Q4	41.9%	6.0%
2001-Q1	56.4%	4.4%
2001-Q2	47.4%	5.1%
2001-Q3	49.5%	3.9%
2001-Q4	74.7%	1.6%
2002-Q1	70.2%	1.3%
2002-Q2	58.5%	2.3%
2002-Q3	59.8%	1.8%
2002-Q4	36.5%	2.4%
2003-Q1	30.3%	3.5%
2003-Q2	55.1%	2.2%
2003-Q3	49.9%	2.0%
2003-Q4	46.3%	2.3%
2004-Q1	46.7%	2.6%
2004-Q2	45.1%	3.3%
2004-Q3	47.3%	2.4%
2004-Q4	52.2%	2.5%
2005-Q1	43.0%	3.0%
2005-Q2	60.0%	2.5%
2005-Q3	48.4%	2.5%
2005-Q4	47.2%	4.5%
2006-Q1	41.7%	2.9%
2006-Q2	43.8%	2.6%
2006-Q3	40.9%	5.6%
2006-Q4	48.6%	6.6%
2007-Q1	46.9%	7.5%
2007-Q2	34.7%	12.8%
2007-Q3	33.7%	15.0%
2007-Q4	26.8%	12.4%
2008-Q1	22.4%	12.8%
2008-Q2	35.0%	12.9%
2008-Q3	36.7%	13.3%
2008-Q4	25.6%	16.3%
2009-Q1	62.5%	10.0%
2009-Q2	45.9%	13.0%
2009-Q3	43.8%	10.6%
2009-Q4	28.0%	11.6%
2010-Q1	42.4%	9.6%
2010-Q2	39.7%	8.7%
2010-Q3	39.6%	9.0%
2010-Q4	46.1%	7.9%
2011-Q1	46.5%	8.1%
2011-Q2	45.4%	8.3%
2011-Q3	52.1%	7.5%
2011-Q4	51.9%	9.2%
2012-Q1	71.0%	4.9%
2012-Q2	54.3%	7.1%
2012-Q3	57.6%	6.3%
2012-Q4	51.4%	7.7%
2013-Q1	69.3%	5.1%
2013-Q2	65.3%	4.8%
2013-Q3	60.5%	4.9%
2013-Q4	65.0%	4.4%
2014-Q1	62.0%	4.6%
2014-Q2	63.3%	3.8%
2014-Q3	50.0%	4.9%
2014-Q4	49.9%	4.7%
2015-Q1	49.4%	3.5%
2015-Q2	51.6%	3.9%
2015-Q3	57.9%	3.1%
2015-Q4	50.1%	4.1%
2016-Q1	49.8%	3.1%
2016-Q2	49.6%	3.4%
2016-Q3	43.1%	3.0%
2016-Q4	52.8%	2.9%
2017-Q1	56.9%	1.3%
2017-Q2	44.6%	1.9%
2017-Q3	39.8%	1.2%
2017-Q4	30.0%	1.9%
2018-Q1	29.7%	1.5%
2018-Q2	32.9%	1.7%
2018-Q3	52.2%	1.4%
2018-Q4	47.6%	1.4%
2019-Q1	49.1%	1.3%
2019-Q2	49.3%	0.9%
2019-Q3	56.9%	1.8%
2019-Q4	50.1%	1.9%
2020-Q1	50.3%	0.9%
2020-Q2	64.3%	0.7%
2020-Q3	49.9%	0.9%
2020-Q4	37.6%	1.1%
2021-Q1	43.1%	1.1%
2021-Q2	35.1%	1.8%
2021-Q3	39.1%	1.9%
2021-Q4	38.1%	2.0%
2022-Q1	34.2%	2.6%
2022-Q2	35.2%	2.6%
2022-Q3	35.6%	3.9%
2022-Q4	19.2%	5.7%
2023-Q1	30.5%	5.9%
2023-Q2	39.5%	5.3%
2023-Q3	37.4%	6.8%
2023-Q4	25.2%	9.5%
2024-Q1	27.5%	8.9%
2024-Q2	14.8%	7.9%
2024-Q3	21.6%	6.6%
2024-Q4	46.0%	4.2%
2025-Q1	46.5%	4.4%
2025-Q2	23.6%	5.2%
2025-Q3	44.4%	3.2%
2025-Q4	43.9%	3.4%
2026-Q1	37.2%	3.2%
2026-Q2	34.8%	3.2%