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 changed residences dropped by 10% compared to the same month a year ago, reaching the lowest level in 53 years. The Ministry of Data and Statistics reported that 444,000 people relocated in September, down from 494,000 in September 2021. This marked the lowest September figure since 1973, when 378,000 people moved.
The population mobility rate, which indicates the number of people relocating per 100 residents, fell by 1.2 percentage points to 10.6%. Factors contributing to this decline include a decrease in housing transactions, a reduced supply of new homes, and an aging population. The finance ministry's monthly report revealed that the total number of houses traded in August fell by 23.5% compared to the previous month, totaling 48,359.
Despite the decline in transactions, average housing prices increased by 0.32% on a month-over-month basis, while rent prices under the jeonse system, where tenants pay a large lump-sum deposit, rose by 0.35%.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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