The Resale Price Index for HDB flats dipped by 1.6 per cent between the last quarter of last year and the first quarter of this year, from 201.7 to 198.5.
Resale transactions also decreased from 4,001 to 3,781 in the same period - a 5 per cent drop.
The number of subletting transactions rose to 8,485, up 17 per cent from 7,268 in the previous quarter.
The total number of HDB flats approved for subletting also increased by 2.1 per cent, from 45,674 units to 46,637 units.
In this year's first quarter, the Housing Board offered 6,636 flats for sale under two Built-To-Order (BTO) exercises.
Another 3,060 flats in Bukit Batok and Woodlands will be offered in next month's exercise. An additional 3,000 flats will be offered in a concurrent Sale of Balance exercise.