Seoul: The number of South Koreans relocating to new homes in August fell to its lowest level in 49 years, amid sluggish home transactions and a reduced housing supply, data revealed. Around 493,000 people changed residences last month, marking a 3.5 percent decrease from the same period last year, according to data from Statistics Korea.

According to Lao News Agency, this figure represents the lowest for August since 1976, when 471,000 people moved homes. It also marked the first decline in three months after two consecutive months of gains. The population mobility rate, which indicates the percentage of people relocating per 100 residents, fell by 0.4 percentage points year-on-year to 11.4 percent, the lowest for August since 2000.

An official from the agency explained, “The decline came as both home transactions and apartment completions decreased in July.” The official further noted that population mobility has been on a long-term downtrend due to the aging and shrinking population, with short-term effe
cts from housing transactions and the supply of new apartments.

Regional data showed that Seoul experienced a net outflow of 1,815 residents in August. In contrast, Gyeonggi Province, which encircles the capital, recorded a net inflow of 3,979 residents, while Incheon, the western port city, reported a net gain of 1,941 residents.