2024.10 Comprehensive Housing Price Index
Note
The comprehensive housing transaction price index rose nationwide, in the metropolitan area, and in Seoul compared to the previous month, while the five metropolitan cities and local areas finished with slight consolidation and decline. Compared to the previous month, the number of rising areas (102 → 101) decreased, the number of consolidating areas (5 → 3) increased, and the number of falling areas (71 → 74) increased, so the increase rate decreased slightly. In Seoul, some preferred complexes are showing a localized upward trend, but other complexes have seen a reduced increase rate compared to last month due to the expanded wait-and-see attitude and the backlog of properties due to loan regulations. Incheon and Gyeonggi regions showed mixed trends by region and complex, but increased mainly in areas with good living conditions.
In Seoul (0.33%), the rise was led by Seongdong-gu (0.55%), Yongsan-gu (0.53%), and Mapo-gu (0.50) toward the north of the river, while in Gangnam-gu (0.81%) the rise was led by the redevelopment complexes in Apgujeong-dong and Gaepo-dong, and by the large-scale complexes in Banpo-dong and Jamwon-dong in Seocho-gu (0.61%). In Incheon (0.08%), the rise was led by Dangha-dong and Sinhyeon-dong in Seo-gu (0.31%), which have good living conditions, and in the Gyeonggi area, the rise was led by Jungwon-gu in Seongnam-si (0.66%) and Gwacheon-si (0.65%). On the other hand, in the case of the five metropolitan cities (-0.14%), the decline was the largest in Daegu Metropolitan City (-0.27%) due to the oversupply of new supplies, the same as the previous month. In the case of other local areas, the declines were the largest in Iksan-si, Jeollabuk-do (-0.25%) and Seogwipo-si, Jeju (-0.21%). As of now, there is a weak consolidation and an upward trend nationwide. The transaction volume is falling significantly, and the upward trend seems to be decreasing as the number of properties is piling up.
Note
The jeonse price index continued to rise while the five metropolitan cities and local areas were slightly flat. Nationwide, it has been rising continuously since June of last year, and in the case of Seoul and the metropolitan area, it has risen for 16 consecutive months. Nationwide, it rose by 0.17%, showing a similar increase rate to the previous month (0.18%). Compared to the previous month, the number of rising areas (122 → 128) increased, the number of flat areas (5 → 3) decreased, and the number of falling areas (51 → 47) decreased slightly, continuing the increase at a similar level to the previous month. In the Seoul area, jeonse prices are rising due to the continued shortage of properties centered on preferred complexes with good living conditions amid steady jeonse demand, but the rate of increase has been reduced due to the impact of the increase in market lending rates. In the case of the five metropolitan cities, it fell due to the impact of the number of new residents in Daegu and Daejeon, but in Ulsan and Busan, it rose mainly in areas with good living conditions. In other local areas, prices rose mainly in Jeonju and Jeongeup in Jeollabuk-do due to the lack of supply, and in Gyeongnam, prices rose mainly in Miryang and Jinju, where living conditions are good.
In Seoul (0.30%), Gangbuk led the rise mainly in large-scale complexes and major complexes near subway stations in Seongdong-gu (0.68%), Jung-gu (0.45%), and Nowon-gu (0.40%). In Gangnam, Gangnam-gu (0.55%) showed a large increase mainly in the school districts of Gaepo-dong and Daechi-dong, Yeongdeungpo-gu (0.49%) showed a large increase mainly in the station district of Dangsan-dong, and Yangcheon-gu (0.45%) showed a large increase mainly in the major complexes of Mok-dong with good school districts. In Incheon Metropolitan City, major complexes with good living conditions such as Seo-gu (1.15%) and Bupyeong-gu (0.72%) led the rise, and in the Gyeonggi area, Guri-si (0.78%) and Siheung-si (0.76%) led the rise. Among the five metropolitan cities, Ulsan Dong-gu (0.22%) showed the largest increase, but Daegu had the highest decrease rate (-0.18%) due to new housing supply, the same as the previous month. Among local areas, Jeonju Deokjin-gu (0.36%) showed the largest increase, while Jeonbuk Iksan-si (-0.22%) showed the largest decrease.
Note
The monthly rent price index continued to rise continuously, with the same increase rate of 0.11% compared to the previous month. In Seoul, some of the jeonse demand was converted to monthly rent due to the increase in market lending rates, and the increase continued mainly in preferred complexes in school districts and near subway stations. In Incheon and Gyeonggi, the rental demand steadily increased mainly in major large-scale complexes and small and medium-sized complexes with good living conditions, and the increase continued. The five metropolitan cities decreased mainly due to the construction of Jung-gu and Suseong-gu in Daegu, but Ulsan Metropolitan City stood out and closed with a slight consolidation. In other regions, Sejong Special Self-Governing City changed from an increase to a decrease, but Jeollabuk-do and Gyeongsangnam-do greatly expanded the increase rate, expanding the increase rate compared to the previous month.
As the volume of housing transactions has fallen sharply, the additional upward momentum of sales prices has been put on hold, but as the demand for jeonse continues to increase, the jeonse price index is expected to continue to rise. In particular, as the regulation of jeonse loan funds is strengthened, the demand from tenants switching from jeonse to monthly rent is expected to increase, so the monthly rent price index is expected to rise for a while.
