Seoul apartment completions fell 48.7% year over year to 17,603 units from January through July, with total housing completions down 43.3% to 20,916 units, according to July statistics released by South Korea's Ministry of Land, Infrastructure and Transport on the 31st. Nationwide completions also dropped sharply, reflecting the delayed impact of permits and housing starts held back by higher construction costs and interest rates in 2022–2023. In contrast, housing starts, an early indicator of future construction supply, increased 44.4% in Seoul to 19,507 units and 11.1% nationwide to 138,383 units. Seoul apartment starts rose 36.1% to 14,995 units, while July alone recorded 6,386 Seoul housing starts and 5,574 apartment starts. New supply also increased, particularly in Seoul, where it jumped 109.7% to 14,489 units. Market activity weakened, with nationwide July home transactions declining 8.2% month over month and Seoul apartment transactions falling 15.2% from June and 22.6% from a year earlier. Monthly rent continued to gain share in Seoul, while jeonse (large-deposit rental contracts) transactions declined more steeply. Unsold homes reached 68,217 nationwide at the end of July, with about 85% of unsold-after-completion inventory concentrated in provincial regions. The data point to a current shortage of completed homes but potential medium- to long-term supply recovery, although weak sales and provincial inventory remain constraints.