Number of people changing residences lowest in 50 years in June

SEOUL, July 24 (Yonhap) -- The number of South Koreans who moved to different residences in the country fell to the lowest in 50 years in June due to fewer new homes and demographic changes, data showed Wednesday.

Around 440,000 people changed residences last month, down 7.1 percent from a year earlier, according to the data compiled by Statistics Korea.

It marked the lowest number for any June since 1974, when 356,000 people changed their residences.

June also saw the sharpest on-year fall since January 2023, when the number of people changing residences dived 8.4 percent from a year earlier.

The decline came as the number of new apartments ready to move in shed 22.9 percent on-year in May and June, the agency said.

The population mobility rate, which means the percentage of those relocating per 100 people, lost 0.7 percentage point on-year to 10.5 percent last month, the lowest figure for any June since the agency began compiling the data in 2000.

By region, Seoul saw a net outflow of 5,558 people in June, the fourth consecutive outflow,

But Gyeonggi Province, which surrounds the capital, and the northwestern port city of Incheon posted net inflows of 6,490 and 1,196, respectively.

In 2023, the number of people who changed residences fell to the lowest level in about 50 years amid population aging and a housing market slump.

graceoh@yna.co.kr
(END)