South Korea house prices climb for second month in August

SEOUL (Reuters) – South Korea’s housing market climbed for a second straight month in August, data showed on Friday, with prices rising across the country.

The nationwide house transaction price index rose 0.16% in August, after snapping a 13-month downtrend in July with a 0.03% increase, according to Korea Real Estate Board. It was the biggest percentage gain since December 2021.

House prices rose 0.29% in the capital, Seoul, and 0.30% in the greater capital area in August; both rose 0.15% in July. Prices also rose 0.02% in August in other regions, the first increase since June 2022.

This week, South Korea’s financial authorities decided to tighten certain loan regulations, as rising mortgage demand drove up household borrowing by the biggest amount in two years.

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