Sale price index posts -0.06% in May
Yeonsu-gu, Dong-gu, Bupyeong-gu rise; Seo-gu records steepest decline
Incheon's housing sales market continued to slide in May, while the rental market — both jeonse and monthly rent — maintained an upward trend.
The city of Incheon announced Monday that its May housing market report, based on statistics from the Korea Real Estate Board, showed the rate of decline in the city's housing sale price index widened compared with the previous month.
The sale price index fell 0.06 percent in May, steeper than the 0.02 percent decline recorded in April.
By district, Yeonsu-gu posted the largest gain at 0.10 percent, while Dong-gu and Bupyeong-gu each rose 0.06 percent.
On the downside, Seo-gu led declines at 0.21 percent, followed by Namdong-gu (0.11 percent), Jung-gu (0.08 percent), Michuhol-gu (0.07 percent) and Gyeyang-gu (0.05 percent).
The rental market, by contrast, held its upward momentum.
The jeonse price index rose 0.27 percent in May, matching the previous month's pace.
Yeonsu-gu led all districts with a 0.63 percent gain. Namdong-gu and Seo-gu each rose 0.32 percent, followed by Gyeyang-gu (0.23 percent), Bupyeong-gu (0.20 percent), and Dong-gu and Michuhol-gu at 0.14 percent each. Jung-gu was the only district to fall, slipping 0.04 percent.
The monthly rent composite price index eased slightly to 0.29 percent in May from 0.36 percent the previous month, but remained in positive territory.
By district, Yeonsu-gu led at 0.40 percent, followed by Dong-gu (0.38 percent), Gyeyang-gu (0.37 percent), Seo-gu (0.35 percent), Bupyeong-gu (0.30 percent), Namdong-gu (0.24 percent), Jung-gu (0.20 percent) and Michuhol-gu (0.15 percent).
Housing transaction volumes edged higher.
Incheon recorded 4,507 housing sales transactions in April, up 2 percent from 4,417 in March.
Seo-gu led all districts with 970 transactions, followed by Bupyeong-gu (850), Namdong-gu (615), Michuhol-gu (580), Yeonsu-gu (524), Gyeyang-gu (498), Jung-gu (219), Dong-gu (167), Ganghwa-gun (72) and Ongjin-gun (12).
Jeonse and monthly rent transactions, however, fell. Combined lease transactions totaled 13,340 in April, down 12.4 percent from 15,222 in March.
"In May, Incheon's housing sales market showed signs of stability, with prices falling mainly in Seo-gu and Namdong-gu — diverging from the broader upward trend seen across the greater Seoul metropolitan area," said Lee Won-ju, director of Incheon's urban planning bureau. "Jeonse and monthly rent prices continued to rise, particularly in areas with sustained end-user demand such as Yeonsu-gu and Namdong-gu."
gilbert@heraldcorp.com
