Population mobility down in August amid housing market slowdown

Korean population mobility declined in August, following a drop in housing transactions, according to data released by the Ministry of Data and Statistics. In August, 471,000 Koreans changed residences, a decrease of 22,000 from the same month a year ago, marking the lowest rate in 53 years since 1973. The population mobility rate, calculated as the number of people moving per 100 residents, fell by 0.5 percentage points from a year earlier to 10.9 percent.

The data ministry cited the decline in housing transactions and the supply of new homes as the primary reasons for the reduced population mobility.

The number of homes traded in June and July dropped by 4.4 percent year-over-year, totaling 132,000. Similarly, the number of apartment units completed over the same period declined by 29.1 percent, with only 43,000 units built. Regional data showed that Seoul had 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 experienced a net inflow of residents.