Seoul:The number of South Koreans relocating to new residences decreased in August compared to the previous year, correlating with a recent decline in housing transactions.

According to Yonhap News Agency, data from the Ministry of Data and Statistics revealed that approximately 471,000 people moved residences in August, marking a decrease of 22,000 from the same month the previous year. This figure represents the lowest for any August in 53 years, with the last record being 420,000 in 1973.

The population mobility rate, which measures the number of people relocating per 100 residents, dropped by 0.5 percentage points from a year earlier to 10.9 percent. The data ministry attributed this decline to a decrease in housing transactions and the supply of new homes.

An official from the ministry noted that the number of homes traded in June and July totaled 132,000, a decline of 4.4 percent from the previous year. During the same period, the completion of apartment units reached 43,000, a significant drop of 29.1 percent.

Regional data showed that Seoul experienced a net outflow of 2,901 people. Similarly, South Gyeongsang Province and the southwestern Jeonnam-Gwangju area reported net outflows of 1,230 and 1,081 people, respectively. In contrast, Gyeonggi Province recorded a net inflow of 4,486 people, and Incheon, located west of Seoul, saw a net inflow of 2,270 people.