More than 580,000 new homes supplied in July

SEOUL-- More than 58,000 new homes were completed throughout the country in July, an increase of 62.3 percent from the month's average over the past five years, data from the Ministry of Land, Infrastructure and Transport showed Tuesday.

A total of 58,718 units of new homes were supplied in the one-month period, 26,704 of them in Seoul and surrounding metropolitan areas for an increase of 22.9 percent from the five-year average for July, according to the ministry. It said 32,014 homes were built in regional districts, representing an increase of 70.1 percent over the average.

An aggregate total for the January-July period this year was 302,634 units, up 31.3 percent from the five-year average, data showed.

Ministry officials said the high numbers result from homes that were given construction permits during previous years.

The number of permits to build new homes issued in July stood at 50,180 last month, a fall of 18.3 percent from a year earlier. The figure is a 6.6 percent drop from the five-year average.

New housing permits in Seoul decreased 13.3 percent on-year in July. Those for the greater metropolitan area fell 11.7 percent and 25.4 percent for other regions, the ministry said.

Pre-purchased home distributions, in which applicants make payments before the housing is completely built, decreased 33.5 percent nationwide, on par with the five-year average. They fell 46.6 percent in Seoul and surrounding areas, and 2.5 percent in other regions.

Source: Yonhap News Agency

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