Koreans relocate in May at lowest rate in 52 years as housing supply drops

The number of Koreans relocating to new regions fell 1.5 percent in May from a year earlier to the lowest level in 52 years, data showed Wednesday, amid a recent decline in housing supply.

Around 466,000 people changed residences in May, down 7,000 from a year earlier, according to data from the Ministry of Data and Statistics. It marked the lowest figure for any May since 415,000 was recorded in 1974.

The population mobility rate — which refers to the number of people relocating per 100 residents — fell 0.2 percentage points from a year earlier to 10.8 percent.

The ministry attributed the decline to a decrease in the number of new homes on the market.

The number of completed housing units in March and April fell 41.5 percent from a year earlier, although the number of homes traded during the period rose 6.8 percent.

By region, Seoul posted a net outflow of 4,221 residents, while Gyeonggi, which surrounds the capital, recorded a net inflow of 2,433 residents.

South Chungcheong and Incheon, west of Seoul, added 1,284 and 1,237 residents, respectively.

Yonhap