Seoul:The number of South Koreans relocating to new residences in September dropped to its lowest level in 53 years amid a decline in housing transactions, data revealed on Wednesday.
According to Yonhap News Agency, approximately 444,000 people changed their residences in September, a decrease from 494,000 during the same month the previous year. This marks the lowest September mobility figure since 1973, when 378,000 individuals moved to new homes.
The population mobility rate, which measures the number of relocations per 100 residents, declined by 1.2 percentage points to 10.6 percent compared to last year. The overall decrease aligns with reduced housing transactions, a limited supply of new homes, and an aging population.
A separate monthly report from the finance ministry indicated that the total number of houses traded in August was 48,359, representing a 23.5 percent drop from the previous month. Meanwhile, average housing prices increased by 0.32 percent in August, and jeonse prices rose by 0.35 percent. The jeonse system involves tenants providing landlords with a substantial deposit, returned at the end of a lease.
The decline in population mobility was also influenced by the extended Chuseok holiday occurring in September this year, compared to October in 2025. Regionally, Seoul experienced a net outflow of 2,359 people, with Jeonnam-Gwangju and Busan also recording net outflows. Conversely, Incheon and South Chuncheong Province saw net inflows of 1,956 and 1,032 people, respectively.