Fewest July movers in 4 years as home sales slow

A slowdown in housing transactions pushed the number of domestic movers last month to its lowest level for any July in four years.

According to the "July Domestic Population Migration Statistics" released Wednesday by the Ministry of Statistics, the number of people who relocated within South Korea last month totaled 468,000 — down 86,000, or 15.5 percent, from the same month a year earlier. It was the lowest July figure since 2022, when 460,000 people moved.

The July mover count had risen for two consecutive years — from 482,000 in 2023 to 512,000 in 2024 and 553,000 last year — before falling back into the 400,000s this year.

Over the long term, domestic migration has been trending downward as the youth population, which tends to move frequently, continues to shrink. In the short term, real estate market conditions — particularly housing transaction volumes and the number of new units ready for move-in — are the main variables driving the scale of relocation.

Of all movers last month, 66.1 percent relocated within the same metropolitan or provincial area, while 33.9 percent crossed into a different one. Intra-regional movers rose 10.1 percent from a year earlier, while inter-regional movers fell 24.3 percent.

The migration rate — the number of movers per 100 people — stood at 10.8 percent, down 2.0 percentage points from a year ago. That was the lowest July reading since 2022, when the rate was 10.6 percent.

A Ministry of Statistics official said housing transactions in May and June, which typically drive July migration, fell 0.9 percent from the same period a year earlier, while apartment completions dropped 60.5 percent. "Housing-related indicators were strong in July last year, so a base effect also appears to have played a role," the official added.

Trends diverged even within the Greater Seoul area. Net migration — arrivals minus departures — was positive in six regions, led by Gyeonggi Province at 5,106, Incheon at 2,547 and South Chungcheong Province at 704. Seoul, by contrast, posted a net outflow of 6,108 people, while 10 other regions including South Gyeongsang Province (minus 813) and Busan (minus 661) also saw more people leave than arrive.

Among all regions, Incheon recorded the highest net migration rate at 1.0 percent, followed by North Chungcheong Province at 0.5 percent and Gyeonggi Province at 0.4 percent. Seoul had the lowest rate at minus 0.8 percent, with Ulsan and Sejong each posting minus 0.4 percent.