President Moon Jae-in apologized to the South Korean people disheartened by difficulties from soaring housing prices, vowing to be decisive in introducing measures to stabilize the housing market.

In a televised New Year's address on Monday, Moon said his administration will prioritize increasing the housing supply for a prompt effect in curbing home prices.

This is the first time Moon issued a public apology regarding the housing issue.

On his administration's drive to reform institutions of power, Moon assessed that legal framework for the reforms has been established, stressing that the ultimate goal is to create a system of checks and balances.

The president also pledged to actualize the country's initiative to go carbon neutral by 2050 starting in the new year.