Households‘ excess funds fall in Q3 amid growing housing purchases

An condominium building website in Seoul / Yonhap

Extra funds held by Korean households fell within the third quarter of 2024 from the earlier quarter due primarily to a surge of their housing purchases, central financial institution information confirmed Tuesday.

Web monetary funds — the worth of economic property minus monetary liabilities — held by native households and nonprofit organizations serving households amounted to 37.7 trillion received ($23.18 billion) as of end-September, down from 41.2 trillion received three months earlier, in response to preliminary information from the Financial institution of Korea (BOK).

Extra funds confer with the amount of cash that is still on the stability sheets of households after individuals handle accessible funds through deposits, inventory investments and different means.

„Regardless of a rise in family earnings, demand for brand new housing rose markedly within the third quarter, which led to the autumn within the extra funds,“ a BOK official mentioned.

The variety of condominium purchases by people got here to 72,000 within the July-September interval, in contrast with 53,000 reported within the second quarter, in response to information compiled by the Korea Actual Property Board. (Yonhap)