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(KPL/Yonhap) The number of the Republic of 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.
This file photo, taken May 19, 2025, shows the construction site of an apartment complex in Seoul. (Yonhap)
Around 493,000 people changed residences last month, down 3.5 percent from a year earlier, according to the data from Statistics Korea.
It was the lowest figure for August since 1976, when 471,000 people moved homes, and marked the first decline in three months following two straight monthly gains.
The population mobility rate, which refers to the percentage of people relocating per 100 residents, slipped 0.4 percentage point on-year to 11.4 percent, the lowest for August since 2000.
"The decline came as both home transactions and apartment completions decreased in July," an agency official said.
Population mobility has been on a long-term downtrend amid the aging and shrinking of the population, and it is also affected by housing transactions and the supply of new apartments in the short term, the official added.
By region, Seoul logged a net outflow of 1,815 residents in August, while Gyeonggi Province, which surrounds the capital, saw a net inflow of 3,979 residents. The western port city of Incheon reported a net gain of 1,941 residents, the data showed.
KPL
