July Housing Sales Volume Hits 68,296 Transactions... Highest in 2 Years and 9 Months

Ministry of Land, Infrastructure and Transport Announces 'July Housing Statistics'

More than half of the jeonse contracts for the 'standard apartment size' in Seoul this year have jeonse prices exceeding 600 million KRW. On the 5th, a real estate office in Seoul displayed jeonse and sale price lists. Photo by Kang Jin-hyung aymsdream@

The nationwide housing sales volume in July reached 68,296 transactions, marking the highest level in 2 years and 9 months since October 2021 (75,290 transactions). This represents a 22.5% increase compared to the previous month and a 41.8% increase compared to the same month last year. From January to July this year, the cumulative nationwide sales volume totaled 379,047 transactions, which is a 17.4% increase compared to the same period last year.

According to the 'July Housing Statistics' released by the Ministry of Land, Infrastructure and Transport on the 30th, housing sales volumes increased in both the metropolitan area and other regions. In July, the metropolitan area recorded 37,684 transactions, up 31.3% from the previous month and 69.9% from the same month last year. Other regions recorded 30,612 transactions, up 13.1% from the previous month and 17.8% from the same month last year.

Lease and monthly rent transactions also increased. Nationwide transactions in July totaled 218,190, up 13.2% from the previous month and 7.2% from the same month last year.

Housing permits in July were 21,817 units, down 8.7% from the previous month. However, there were regional differences. Housing permits in the metropolitan area were 9,206 units, up 2.3% from the previous month, while other regions recorded 12,611 units, down 15.3% from the previous month.

Housing starts also decreased to 16,024 units, down 22.6% from the previous month. Metropolitan area starts were 7,888 units, down 2.6% from the previous month, while other regions saw a 35.5% decline to 8,136 units.

Pre-sale units were 12,981, down 40.1% from the previous month. Metropolitan area pre-sales were 6,973 units, down 45.4% from the previous month, and other regions recorded 6,008 units, down 32.4% from the previous month.

Completions totaled 29,045 units, down 19.1% from the previous month. The metropolitan area had 10,316 units completed, down 33.7% from the previous month, while other regions had 18,729 units, down 8.1% from the previous month.

The total number of unsold houses nationwide was 71,822 units, a 3.0% (2,215 units) decrease from the previous month (74,037 units). However, unsold houses after completion nationwide increased by 8.0% (1,182 units) to 16,038 units compared to the previous month (14,856 units).