Population mobility down in August amid housing market slowdown

The Korea Times reports that population mobility in Korea decreased in August 2023 due to a slowdown in the housing market. Around 471,000 Koreans moved to new residences, marking the lowest figure in 53 years and a 22,000-person decline from the previous year. The population mobility rate, which measures the number of people relocating per 100 residents, fell to 10.9%, down 0.5 percentage points from a year earlier.

The data ministry attributed the decrease to a decline in housing transactions and new home supplies. June and July saw 132,000 homes traded, a 4.4% decrease from the same period in 2022, and 43,000 apartment units completed, a 29.1% decline. The largest net outflows were reported in Seoul, South Gyeongsang Province, and the Jeonnam-Gwangju area, while Gyeonggi Province reported no significant movement.

Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.