Population mobility hits 4-year high for July on home transaction surge

A view of apartments in central Seoul, Aug. 26 / Yonhap

The number of South Koreans relocating to new homes reached the highest level for July in four years, mainly due to an increase in housing transactions, government data showed Wednesday.

Around 553,000 people changed residences last month, up 8.1 percent from a year earlier, according to the data compiled by Statistics Korea.

It marked the highest level for any July since 2021, when a total of 563,000 people changed their residences.

The population mobility rate, which refers to the percentage of people relocating per 100 residents, also edged up 0.9 percentage point from a year earlier to 12.8 percent.

"The recent uptick in housing transactions has resulted in more people relocating, though the broader trend of population movement continues to decline due to aging and demographic shifts," an agency official said.

The number of apartment completions and housing sales between May and June rose by 7.2 percent and 20 percent, respectively, compared with the same period last year.

By region, Seoul recorded a net outflow of 2,554 residents in July, while Gyeonggi Province, which surrounds the capital, saw a net gain of 2,617 residents. The western port city of Incheon posted a net inflow of 1,662 people in July, the data showed.