The government will announce measures to address overheated housing prices in Seoul and Gyeonggi Province this week.

Democratic Party spokesperson Park Soo-hyun said in a press briefing Sunday that the ruling Democratic Party, the government and the presidential office had agreed to make a formal announcement at an "appropriate" time.

Park said that in a meeting earlier the same day, the three parties had discussed recent housing market trends in Seoul and Gyeonggi Province and agreed that the market required close monitoring.

He said the housing market is a national issue that threatens residential stability and increases household burdens, with the potential to dampen overall economic vitality.

He added that the party and the government had agreed that comprehensive measures are necessary to stabilize the housing market, and the parties will work together to address the matter.