Home trade in Korea at histrionic low for May, 5-mo figure also lowest

2019.06.17 15:27:25

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Home transactions across South Korea fell 15.8 percent from the previous year to a lowest May figure since data has been compiled from 2006.

According to the Ministry of Land, Infrastructure and Transport on Monday, registered home sales and purchases in May came at 57,103, the lowest-ever figure for the month and 33.6 percent below the average over the last five years.

Apartment trade dropped 35.8 percent on year to 35,710 and transactions for other housing types shrank 29.6 percent to 21,393.

The nationwide deal volume has been on the steady increase since February when it hit the bottom at 43,444 to 51,357 in March, 57,025 in April and 57,103 in May. But the on-month growth rate sharply slowed down from 18.2 percent in March, 11.0 percent in April and 0.1 percent in May.

House trade from January to May also reached an all-time low at 259,215.

For Seoul, home trade deals fell 31.1 percent from a year ago but rose 16.7 percent from a month ago to 8,077. It maintained on-month growth momentum for three months in a row since February, although it was 50.9 percent lower than the average of the past five years. Deal volume in Seoul and its surrounding areas gained 5.8 percent from the previous month to 26,826.

Contracts for monthly rents and jeonse, long-term leases unique to Korea, grew 6.8 percent from a year ago to 158,905 in May. The figure was also 15.6 percent higher than the average volume of 137,451 for the last five years. Rent and jeonse transactions were up 5 percent to 104,633 in the capital region and 10.4 percent to 54,272 in the rest of the country.

By Sohn Dong-woo and Choi Mira

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