Population mobility hits 51-yr low in November: data

The number of Koreans relocating to new homes fell to the lowest level in 51 years for any November amid sluggish housing transactions and demographic changes, data showed Wednesday. Around 428,000 people changed residences last month, down 8.2 percent from a year earlier, according to data from the Ministry of Data and Statistics. This marks the lowest November figure since 1974, when 394,000 people moved. Population mobility has been declining due to an aging and shrinking population. Short-term trends are also influenced by housing transactions and the supply of new apartments. "Housing transaction volumes in September and October, which could affect mobility figures for November, rose slightly from a year earlier, but the number of completed apartment units declined," a ministry official said. The population mobility rate, which refers to the percentage of people relocating per 100 residents, decreased 0.9 percentage point on-year to 10.2 percent, which marked the lowest level since 2000, when the ministry began compiling relevant data. By region, Seoul logged a net outflow of 5,504 re