Key Takeaways
- New home sales in Singapore can swing by more than 60% month-to-month, driven mainly by the launch calendar rather than underlying demand.
- The Hungry Ghost month traditionally sees fewer launches and quieter showflats, producing sharp but largely seasonal sales dips.
- Developers sold 10,815 new private homes (excluding ECs) in 2025, up 67.18% year-on-year, confirming that 2025 was a strong year despite monthly volatility.
- Q1 2026 private residential transactions fell 25.45% year-on-year to 5,413 units, attributed to fewer launches and the Lunar New Year lull rather than weakening demand.
- Buyers can use quiet months to negotiate, secure preview pricing, and complete financial checks without the pressure of crowded launch weekends.
A 60%-plus drop in monthly new home sales sounds alarming, but in Singapore it is more often a calendar quirk than a crisis. The real story is when launches happen, not whether buyers have disappeared.
Every year, headlines warn of a steep fall in Singapore new home sales around the Hungry Ghost month. Sales can swing wildly, sometimes more than 60% in a single month. For a buyer or seller trying to read the market, these numbers can be confusing and even frightening. This article unpacks what the URA data actually shows, why the Ghost month slowdown happens, and how to position yourself in 2026.
What the URA Data Actually Shows About Singapore New Home Sales
Monthly developer sales figures are some of the most volatile statistics in the Singapore property market. The reason is simple: sales follow the launch calendar. When a few large projects hit the market, sales spike. When the pipeline is quiet, sales collapse, regardless of how strong demand is.
The pattern is clear across recent URA data. URA figures showed that developer sales can reverse direction dramatically from month to month. Property developers sold 325 new private residential units, excluding executive condominiums, in November 2025, an 86.6% month-on-month decline compared to the 2,424 new condo units sold in October, with the plunge coming on the back of fewer new project launches. Just one project, The Sen, a 347-unit development in District 21, was the only new project to launch that month.
Compare that with a busy month. August 2025 saw developer sales of 2,142 new private homes excluding ECs, a 127.9% month-on-month increase, the highest number of new homes sold in a month since November 2024. The difference was launches: that surge was largely driven by five new project launches including Springleaf Residence, River Green, Promenade Peak, Artisan 8 and Canberra Crescent Residences.
Why the Hungry Ghost Month Produces a Sharp Sales Drop
The Hungry Ghost month, which falls in the seventh month of the lunar calendar, is traditionally considered inauspicious for major purchases among many Chinese Singaporeans. Developers know this, so they hold back launches and pre-views, and showflat footfall thins out. With fewer projects on sale, monthly transaction counts naturally fall, often by more than half.
This is the same mechanism behind other seasonal dips. The Lunar New Year period and the June school holidays produce similar lulls. In Q2 2025, due to fewer new units launched for sale, new sales volume fell by 64.1% quarter-on-quarter to 1,212 units. Analysts were explicit that this was seasonal: the total volume of private home transactions in Q2 2025 plummeted 29.4% to 5,128 units, owing to a quieter new home market with fewer launches and external factors including the election season in April and May, as well as the June school holidays.
The key insight is that a large percentage drop measured against a blockbuster launch month tells you almost nothing about buyer appetite. It tells you about the supply of new projects in that specific window. If you are weighing a purchase, our guide on buying a new launch condo in Singapore walks through how launch timing affects pricing and choice.
The Bigger Picture: 2025 Was Strong, 2026 Is Moderating
Zooming out beyond any single month reveals a healthier trend. Total private residential transactions, excluding executive condominiums, reached 26,492 units in 2025, up 20.69% year-on-year and marking the highest annual volume in four years, led mainly by the primary market where developer sales rose 67.18% year-on-year to 10,815 units.
That strength came from a flood of launches. Developers launched 11,482 uncompleted private residential units, excluding executive condominiums, in 2025, up 72.74% year-on-year, after the relatively subdued 2024 launch pipeline. Prices held firm too. Private residential prices rose 0.6% quarter-on-quarter in Q4 2025, the fifth straight quarter of increase, with full year 2025 growth at 3.3% year-on-year, moderating from 3.9% in 2024.
Into 2026, the pace has cooled, again partly for seasonal and pipeline reasons. According to URA data, 5,413 private residential units were transacted in Q1 2026, down 25.45% year-on-year, with ERA attributing the moderation to fewer project launches, the Lunar New Year lull, and heightened global uncertainty, rather than a broad weakening in demand. In Q1 2026, launch activity fell back to 1,844 units, down 41.26% year-on-year, reflecting a lighter release schedule.
| Period | New Home Sales (excl. EC) | Key Driver |
|---|---|---|
| Q2 2025 | 1,212 units (-64.1% q-o-q) | Few launches, election and school holiday lull |
| August 2025 | 2,142 units (+127.9% m-o-m) | Five major project launches |
| November 2025 | 325 units (-86.6% m-o-m) | Only one new launch |
| Full Year 2025 | 10,815 units (+67.18% y-o-y) | Strong launch pipeline |
Why Inventory and Pricing Still Matter More Than One Bad Month
A slow sales month is far less worrying when unsold stock is low. Total unsold private residential inventory, excluding executive condominiums, rose 8.08% quarter-on-quarter to 16,219 units in Q1 2026, but on a year-on-year basis was still down 11.23% from 18,270 units in Q1 2025 and remained far below the previous peak of 37,799 units recorded in Q1 2019. A lean inventory base means developers are not under pressure to slash prices, even during a quiet seasonal patch.
The 2026 launch profile is also tilting toward the suburbs. Of the units launched in Q1 2026, 1,143 units, or 62.0%, were in the Outside Central Region, while 701 units, or 38.0%, were in the Core Central Region. For HDB upgraders eyeing the mass market, this matters. If you are considering the move, our guide to upgrading from HDB to condo without paying ABSD explains the sequencing that can save you tens of thousands.
Opportunities During a Quiet Month
- Less competition. Fewer buyers at previews can mean better unit selection and more attentive agents.
- Negotiating room. Developers clearing slower-moving stock may offer more flexible terms during lull periods.
- Time to prepare. A quiet stretch is ideal for sorting financing, checking your affordability, and getting your in-principle approval ready before the next launch wave.
- Lower borrowing costs. The 2025 rate environment improved buyer math; understanding how TDSR and LTV limits affect you remains essential before committing.
Risks You Should Not Ignore
- Misreading the headline. A 60%-plus drop is usually seasonal, but it can occasionally mask genuine softening. Always check whether launches, not demand, drove the number.
- Pent-up demand snapback. When launches resume after a lull, crowded weekends and firmer pricing can return quickly, eroding any wait-and-see advantage.
- Global uncertainty. Analysts have flagged external risks weighing on sentiment in 2026, which could amplify a quiet patch.
- Buying for the wrong reasons. Avoid common new launch preview mistakes and never let a quiet month rush you into an unsuitable unit. Factor in stamp duty obligations from the start.
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Does a 60% drop in new home sales mean the property market is crashing?
Not on its own. In Singapore, monthly new home sales track the launch calendar closely. Developers sold 325 units in November 2025, an 86.6% drop from October, simply because fewer new projects launched that month. Always check whether the decline reflects fewer launches rather than vanishing demand.
When is the Hungry Ghost month and why does it affect property sales?
The Hungry Ghost month falls in the seventh month of the lunar calendar, typically around August or September. Many buyers traditionally avoid major commitments during this period, so developers hold back launches and showflat activity slows. This produces a seasonal dip similar to the Lunar New Year and June school holiday lulls.
Was 2025 actually a weak year for Singapore property?
No. Despite volatile monthly figures, total private residential transactions reached 26,492 units in 2025, up 20.69% year-on-year and the highest annual volume in four years, with developer sales up 67.18% to 10,815 units.
Should I buy during a quiet month or wait for the next launch wave?
It depends on your goals and finances rather than the calendar. Quiet months can offer better selection and negotiating room, but pent-up demand can return fast when launches resume. Use our affordability calculator and stamp duty calculator to ground your decision in numbers, not headlines.
Are prices likely to fall during a seasonal slowdown?
Usually not significantly. Unsold inventory in Q1 2026 remained far below the previous peak of 37,799 units recorded in Q1 2019, meaning developers face little pressure to discount heavily just because a single month is quiet.
Seasonal swings like the Ghost month slowdown are a normal feature of the Singapore market, not a signal to panic or to rush. The smartest buyers and sellers read past the monthly headline and focus on launch timing, inventory levels, and their own financial readiness. If you would like a clear, independent read on whether a quiet month works for or against your specific plans, the team at PropertyNet.SG can help you interpret the data and time your move with confidence. Reach out for a personalised, no-pressure consultation tailored to your goals.