Apartment complexes are seen from Mount Nam in Seoul, Thursday. Yonhap

A private association of real estate agents released statistics on Friday showing that apartment prices in Seoul and its surrounding areas actually fell last month, contrary to the government's official announcement that prices had skyrocketed during that period.

While the difference is attributed to the varying survey methods between the two bodies, some believe that private assessments reflect market conditions more quickly and accurately than the government's data.

According to the Korea Association of Realestators (KAR), apartment sales prices across the country fell by 1.9 percent in August compared to the previous month.

In Seoul, prices dropped by 4.5 percent, while surrounding Gyeonggi Province and Incheon experienced a decline of 4.4 percent. In contrast, prices outside these areas fell by only 0.7 percent, indicating that declines in the Seoul metropolitan area were more significant than those in regional markets.

KAR noted that August typically sees sluggish housing sales due to seasonal trends related to vacation periods. Additionally, the association highlighted that various government policies aimed at stabilizing the real estate market, along with tougher regulations on mortgage loans, have led to a shift in buyer sentiment toward a wait-and-see approach.

By district, Yongsan experienced a dramatic 20.9 percent increase in apartment prices, while nearby Gwangjin saw a 5.6 percent rise. This suggests that apartment prices in Seoul's northern areas near the Han River are on the rise.

On the other hand, Gangseo and Jongno experienced significant declines of 21.9 percent and 18 percent, respectively. Seocho and Dobong also saw prices fall of 11.5 percent and 8.4 percent, respectively.

The latest KAR data was somewhat different from the one released a day earlier by the Korea Real Estate Board, which is under the direct control of the Ministry of Land, Infrastructure and Transport.

The government agency reported that apartment prices in Seoul increased 1.27 percent in August compared to the previous month, marking the highest rise in 71 months. It said Gyeonggi Province and Incheon also saw an apartment prices increase 0.75 percent.

The discrepancy between the housing price trends reported by the two bodies during the same period appears to stem from differences in statistical methods.

The KAR's statistics do not index apartment sales prices like the government agency does. Instead, it analyzes the changes in average prices of actual transactions on a monthly basis.

“Our statistics reflect market conditions about a month more quickly,” a KAR official said. “Similar trends are expected to appear in the statistics from other institutions next month.”