HDB resale prices rise 2% in Q3, which is the largest since Q4 2011. Nevertheless, if we use % year-to-year change, the current rate (at 5.72% from Q3 ’11 to Q3 ’12) is the lowest since September 2009 (5.60%), where the effect of financial crisis was fully realized on the resale market.
So it really depends on how you look at it. On one hand, you could say that the market has picked up again (historically, though, the rate will go down again in Q4). On the other hand, you could also argue that the cooling measures by the government have worked to some extent, especially if you compare it with the general inflation rate. In 2010 and 2011, for example, the average of resale %Y-to-Y change is 13%, which drove up the inflation rate to 5-6%. Still, it is more than double the inflation rate. Currently, the inflation rate is at around 4%, which is still lower than the current resale %Y-to-Y change at 5.72%, but at least the difference is not as stark as in 2010 and 2011.
(I will continue my long-neglected series on buying HDB.)