Population mobility down in Aug. amid housing market slowdown

South Korea saw a decline in population mobility in August due to a slowdown in the housing market, according to data released by the Ministry of Data and Statistics. A total of 471,000 South Koreans changed residences in August, a decrease of 22,000 compared to the same period last year. This marked the lowest figure for any August in 53 years since 1973.

The population mobility rate, which measures the number of people relocating per 100 residents, fell by 0.5 percentage points to 10.9 percent. The data ministry suggested that the drop in population mobility was driven by a decline in housing transactions and the limited supply of new homes. In June and July, the number of homes traded totaled 132,000, a 4.4 percent decrease from the previous year.

Additionally, 43,000 apartment units were completed during the same period, a significant 29.1 percent decline. The regional analysis revealed that Seoul experienced a net outflow of 2,901 people, while South Gyeongsang Province and the southwestern Jeonnam-Gwangju area reported net outflows of 1,230 and 1,081, respectively. Conversely, Gyeonggi Province recorded a net inflow of 4,486 people, followed by Incheon, located west of Seoul, with 2,270 people.