South Korea’s nationwide apartment pre-sale outlook index fell 6.9 points to 86.3 in September, according to a Korea Housing Institute survey of homebuilders announced on the 8th. Readings below 100 indicate that more builders expect market conditions to deteriorate than improve. The greater Seoul area index declined 4.5 points to 84.0, while the rest-of-country reading fell 7.4 points to 86.8. Incheon recorded the sharpest decline in the capital area, while South Jeolla Province posted the steepest fall nationwide. Builders cited tighter mortgage restrictions, higher interest rates, uncertainty over property-tax changes and rising pre-sale prices. The outlook for unsold housing supply rose 14.9 points to 105.9 as buyers became more cautious and provincial backlogs pushed nationwide unsold inventory higher for a third straight month. The pre-sale price outlook index also increased 1.2 points to 108.8, reflecting continuing construction-cost pressures. Additional supply is expected ahead of the autumn selling season, intensifying concerns that weaker demand will lead to further unsold units.