Seoul: The number of South Koreans relocating to new homes has fallen to the lowest level seen in any October over the past 51 years, mainly due to the impact of the Chuseok holiday and a slowdown in housing transactions.

According to Yonhap News Agency, data from the Ministry of Data and Statistics revealed that approximately 442,000 people shifted residences last month, marking a 15.2 percent decrease from the same period last year. This figure represents the lowest for October since 1974, when 410,000 individuals moved.

The long-term decline in population mobility is attributed to an aging and shrinking population, while short-term changes are influenced by housing transactions and the availability of new apartments. "Population mobility is affected by seasonal factors and, in the short term, by housing-related indicators," stated a ministry official. The extended Chuseok holiday in October appears to have significantly contributed to the decrease in relocations this year.

The population mobility rate, which measures the percentage of people relocating per 100 residents, also saw a decline, decreasing by 1.8 percentage points year-on-year to 10.2 percent. Regional data indicated that Seoul experienced a net outflow of 4,705 residents in October, whereas Incheon and Gyeonggi Province reported net gains of 2,512 and 2,495 residents, respectively.