South Korea’s unsold homes slightly fell last month as local builders refrained from new home construction amid the faltering housing market, government data showed on Tuesday.
The number of unsold homes nationwide came to 71,365 at the end of April, down 1.0 percent from a month earlier, according to the Ministry of Land, Infrastructure and Transport.
The country’s unsold houses began to grow from about 14,000 in late 2021 on the back of higher borrowing costs, but the number recently shrank from 75,438 in February to 72,104 in March and 71,365 in April amid a lower supply of new homes. The central bank left its benchmark interest rate unchanged at 3.
