The purpose of this study is to suggest desirable policy directions to ease the accumulation of unsold housings despite tax cuts, deregulations and various incentives for the real estate market. To achieve this goal, we estimate the demand function of unsold housings and analyze the relationship between unsold housings and housing market. Then, we suggest feasible housing policies to reduce a large inventory of unsold newly-built apartments and to prevent housing inventory from having a negative impact on the real estate market as it slows down the supply of newly-built homes and causes bankruptcies among construction firms.