S. Korea's population movement posts double-digit growth in June

SEOUL - South Korea's population movement posted a double-digit growth last month owing to an increased home transaction, statistical office data showed Wednesday.

The number of those who changed residence came to 607,000 in June, up 25.3 percent from a year earlier, according to Statistics Korea.

It marked the biggest June figure in five years since 2015 as the home transactions increased amid the record-low interest rate.

According to Korea Appraisal Board, the number of home transactions stood at 138,578 in June, marking the highest in almost 14 years since November 2006.

The country's central bank lowered its target rate by 50 basis points in March, before cutting it further by 25 basis points to an all-time low of 0.50 percent. It led people to purchase home with borrowed money.

The population mobility rate, which gauges the number of people changing resident for every 100 people, gained 2.9 percentage points over the year to 14.4 percent in June.