Population mobility falls to 52-year low in May amid housing supply decline

The central district of Myeongdong in Seoul, May 1. Yonhap

The number of Koreans relocating to new regions fell 1.5 percent in May from a year earlier to the lowest level in 52 years, data showed Wednesday, amid a recent decline in housing supply.

Around 466,000 people changed residences in May, down 7,000 from a year earlier, according to data from the Ministry of Data and Statistics. It marked the lowest figure for any May month since 415,000 tallied in 1974.

The population mobility rate — which refers to the number of people relocating per 100 residents — fell 0.2 percentage point from a year earlier to 10.8 percent.

The ministry attributed the decline to a decrease in the number of new homes on the market.

The number of completed housing units in March and April fell 41.5 percent from a year earlier, although the number of homes traded during the period rose 6.8 percent.

By region, Seoul posted a net outflow of 4,221 residents, while Gyeonggi Province, which surrounds the capital, recorded a net inflow of 2,433 residents.

South Chungcheong Province and Incheon, west of Seoul, added 1,284 and 1,237 residents, respectively.