Korea's August relocations hit 53-year low as housing market slows

The number of Koreans who moved to new residences decreased in August from a year earlier amid a recent decline in housing transactions, data showed Wednesday.

Around 471,000 people changed residences in August, down 22,000 from a year earlier, according to data from the Ministry of Data and Statistics.

It was the lowest figure for any August in 53 years since the 420,000 recorded in 1973.

The population mobility rate — the number of people relocating per 100 residents — fell 0.5 percentage point from a year earlier to 10.9 percent.

The data ministry attributed the decrease to declines in housing transactions and new home supplies.

"The number of homes traded in June and July totaled 132,000, down 4.4 percent from a year earlier. Over the same period, the number of apartment units completed came to 43,000, down 29.1 percent," an official from the data ministry said.

By region, Seoul reported a net outflow of 2,901 people, while South Gyeongsang and the southwestern Jeonnam-Gwangju area posted net outflows of 1,230 and 1,081, respectively.

In contrast, Gyeonggi reported a net inflow of 4,486 people, followed by Incheon, west of Seoul, with 2,270.

Yonhap