Seoul:The number of South Koreans relocating to new residences in September has dropped to its lowest level in 53 years, with only 444,000 people moving, compared to 494,000 in the same month last year, as revealed by data on Wednesday. This marks the lowest September figure since 1973.

According to Yonhap News Agency, the Ministry of Data and Statistics reported a decline in the population mobility rate, which measures the number of people moving per 100 residents. The rate fell by 1.2 percentage points from the previous year to 10.6 percent. This decline aligns with a reduction in housing transactions, the supply of new homes, and the aging population in the country.

In August, the total number of houses traded was reported at 48,359, a decrease of 23.5 percent from July, as indicated by a separate report from the finance ministry. Average housing prices in August rose by 0.32 percent, while jeonse prices saw a 0.35 percent increase. The jeonse system requires tenants to provide a large deposit to landlords, which is returned at the end of the lease.

The extended Chuseok holiday, which fell in September this year instead of October as in 2025, also contributed to the decline in population mobility. Regionally, Seoul experienced a net outflow of 2,359 people, with Jeonnam-Gwangju and Busan also recording net outflows of 531 and 401, respectively. In contrast, Incheon and South Chuncheong Province saw net inflows of 1,956 and 1,032 people, respectively.