Housing prices nationwide fell at the steepest pace last month since the 2009 global financial crisis. 

According to data released by the Korea Real Estate Board on Thursday, prices of the nation's apartments and other residential buildings dropped zero-point-29 percent in August from a month earlier. 

It marks the largest slide in 13 years and seven months since January 2009, when it fell zero-point-55 percent.

The decline was also greater than July's drop of zero-point-08 percent.

Analysts attribute the greater than expected fall in housing prices to tighter monetary policies and expectations of a further slump in home costs.

Prices of apartments led the depreciation, posting a drop of zero-point-51 percent last month, the largest fall since January 2009. 

Housing prices in Seoul slipped zero-point-24 percent in August, with the capital city's apartment costs down zero-point-45 percent, the largest fall in nine years.