Seoul: The number of South Koreans relocating to new homes fell to the lowest level in 49 years for any August amid sluggish home transactions and reduced housing supply, data showed Wednesday. Around 493,000 people changed residences last month, marking a 3.5 percent decrease from the previous year, according to the data from Statistics Korea.
According to Yonhap News Agency, the figure represents the lowest for August since 1976, when 471,000 people moved homes. This also marked the first decline in three months following two consecutive months of increases. The population mobility rate, which measures the percentage of people relocating per 100 residents, dropped by 0.4 percentage points year-on-year to 11.4 percent, reaching its lowest for August since 2000.
"The decline came as both home transactions and apartment completions decreased in July," an agency official stated. The official further explained that population mobility has been on a long-term downtrend due to the aging and shrinking of the population. Additionally, it is influenced by housing transactions and the supply of new apartments in the short term.
By region, Seoul experienced a net outflow of 1,815 residents in August. In contrast, Gyeonggi Province, which surrounds the capital, recorded a net inflow of 3,979 residents. The western port city of Incheon reported a net gain of 1,941 residents, as shown in the data.