The volume of home sales transactions in February 2020 (115,264) increased by 13.7% from the previous month (101,334), by 165.3% from the same month a year earlier (43,444), and by 83.1% compared with the five-year average (62,947).
For reference, while home sales transactions are expected to decline going forward due to COVID-19, the impact of COVID-19 appears to have been largely unreflected in February's transactions. The February volume tallies data reported in February (for contracts signed before February 20, 2020, reported within 60 days of the contract date; for contracts signed on or after February 21, 2020, reported within 30 days).
Cumulative home sales transactions through February 2020 (216,598) increased by 131.1% from the same period a year earlier (93,730) and by 70.4% compared with the five-year average (127,120).
By region, February transactions in the Seoul metropolitan area (66,456) rose 20.0% from the previous month and 261.4% from the same month a year earlier, while those in provincial areas (48,808) rose 6.2% from the previous month and 94.8% from the same month a year earlier. On a cumulative February basis, transactions in the Seoul metropolitan area (121,838) increased by 198.1% from the same period a year earlier, and those in provincial areas (94,760) by 79.3%.
By type, February apartment transactions (87,642) rose 15.3% from the previous month and 209.8% from the same month a year earlier, while non-apartment transactions (27,622) rose 9.0% from the previous month and 82.3% from the same month a year earlier. On a cumulative February basis, apartment transactions (163,628) increased by 174.6% from the same period a year earlier, and non-apartment transactions (52,970) by 55.2%.
Jeonse and monthly-rent transactions tallied from February's fixed-date (confirmed date) records (hereinafter “rental transactions”) totaled 224,177, increasing by 29.1% from the previous month (173,579), by 19.8% from the same month a year earlier (187,140), and by 35.9% compared with the five-year average (165,011), driven by factors such as demand during the spring moving season.
Cumulative rental transactions through February (397,756) increased by 11.8% from the same period a year earlier (355,921) and by 31.8% compared with the five-year average (301,816), continuing to exceed the levels of previous years. The share of monthly-rent (wolse) transactions among February's rental transactions was 40.4%, down 0.9 percentage points from the same month a year earlier (41.3%) and up 2.1 percentage points from the previous month (38.3%).
By region, February transactions in the Seoul metropolitan area (149,501) rose 31.2% from the previous month and 25.4% from the same month a year earlier, while those in provincial areas (74,676) rose 25.2% from the previous month and 9.9% from the same month a year earlier. By housing type, February apartment transactions (110,767) rose 29.3% from the previous month and 25.5% from the same month a year earlier, while non-apartment transactions (113,410) rose 29.0% from the previous month and 14.7% from the same month a year earlier.
By lease type, February jeonse transactions (133,641) rose 24.8% from the previous month and 21.6% from the same month a year earlier, while monthly-rent (wolse) transactions (90,536) rose 36.2% from the previous month and 17.2% from the same month a year earlier. On a cumulative February basis, the share of monthly-rent transactions among rental transactions was 39.5%, down 0.8 percentage points from the same period a year earlier (40.3%).
Detailed data on home sales transactions and actual transaction prices for jeonse and monthly rentals can be found on the Korea Appraisal Board's real estate statistics system (www.r-one.co.kr, real estate information app) or the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure website (rt.molit.go.kr).