Population mobility down 10% in Sept. to lowest level in 53 years
The number of Koreans who moved to new residences fell in September from a year earlier following a steady decline in housing transactions, data showed Wednesday. Around 444,000 people changed residences in September, compared with 494,000 a year earlier, according to the monthly tally from the Ministry of Data and Statistics. It was the lowest September figure since 1973, when 378,000 people…
In September, the number of Koreans who moved to new residences declined by 10% compared to the previous year, reaching the lowest level in 53 years, according to data released by the Ministry of Data and Statistics. Around 444,000 people changed their residences in September, down from 494,000 a year earlier. This marked the lowest September figure since 1973, when 378,000 people moved. The population mobility rate, which represents the number of people relocating per 100 residents, fell by 1.2 percentage points to 10.6%.
The decrease in population mobility was influenced by a decline in housing transactions and the limited supply of new homes. Additionally, the country's aging population played a role in the trend. A separate report from the finance ministry revealed that the total number of houses traded in August decreased by 23.5% compared to the previous month.
While average housing prices saw a slight increase of 0.32% on a month-over-month basis, jeonse prices, which involve tenants providing landlords with a large lump-sum deposit, rose by 0.35% over the same period.
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