South Korea's housing prices dropped in May for the first time in 57 months.

The Korea Appraisal Board says prices fell by zero-point-zero-three percent compared to a month earlier.

The most recent drop was in August 2013, when prices fell by zero-point-one-three percent.

Analysts say the latest trend reflects a slowdown in the rise of housing prices in Seoul last month, following the government's regulations to stabilize prices.

Affluent districts in southern Seoul including Gangnam and Seongdong saw housing prices drop for the first time in eight months. 

Elsewhere in the country, prices dropped at a faster rate amid a slump in the shipbuilding industry and an increase in housing availability.

Meanwhile, prices for jeonse, or lump-sum deposit properties, also weakened in May, with a drop of point-28 percent compared to a point-19 percent decrease in April.