SEJONG-- The number of South Koreans moving to other regions fell to a 36-year low in January, data showed Wednesday, amid higher interest rates and economic uncertainties.

The number of people who changed their residences came to 506,000 last month, down 8.4 percent, from 552,000 a year earlier, the data compiled by Statistics Korea showed.

It was the 25th consecutive month of decline and the lowest for any January since 1987.

The decline came as people avoided purchasing new homes amid economic uncertainties and soaring interest rates.

The number of houses traded in January came to 28,603, plunging 46.8 percent from a year earlier, according to separate data released by the finance ministry earlier this month.

Last month, South Korea's central bank raised its key rate from 3.25 percent to 3.5 percent, the highest level since 2008. It was the seventh straight rise since April 2022, the longest span of tightening.

The population mobility rate -- the percentage of those relocating per 100 people -- amounted to 11.6 percent in January, down 1 percentage point from a year earlier.

Seoul posted a net outflow of 3,023 in January, while its surrounding Gyeonggi Province attracted 6,538 additional residents. Incheon, located just west of Seoul, saw a net inflow of 2,395, while North Gyeongsang Province lost 1,650, the data showed.

Source: Yonhap News Agency