The Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released its June 2024 Existing Home Sales Index on September 30, showing a notable Month-on-Month (MoM) decline in home sales across Japan.
The index, which tracks the volume of property title transfers for existing homes based on registration data, is set against the 2010 average which is set at 100 and then seasonally adjusted to account for fluctuations.
In June, the combined sales index for single-family homes (SFH) and condominiums stood at 121.7, reflecting an 8.2% drop from the previous month.
When excluding condominium units smaller than 30 square meters, the figure was 112.1, down 7.8% MoM.
Whether this is the beginning of a larger downward trend in transaction volume remains to be seen as the index’s historical data still shows an upward trend.
Charts courtesy of the MLIT, edited by Patience Realty.
Breakdown by Property Type
SFH: The index recorded 118.5, a decrease of 7.8% MoM.
Condominiums: Sales fell 9.1% MoM, with the index at 124.8.
Condominiums (excluding units under 30 square meters): The index reached 103.7, also marking a 9.1% MoM decline.
Japan Regional Performance
Southern Kanto (a.k.a. Greater Tokyo Area): The combined index for detached houses and condominiums was 123.7, down 11.5% MoM.
Nagoya region: Sales dropped by 8.1% MoM, bringing the index to 118.5.
Keihan-shin (Kyoto, Osaka, Kobe): The index stood at 123.1, reflecting a 4.7% MoM decrease.
Tokyo Prefecture: The capital saw a sharper decline, with the index falling 11.8% MoM to 145.2.
Further Reading:
MLIT June 2024 Existing Home Sales Index Data (Japanese only in the PDF, some English in the Excel sheet)
Source:
R.E. Port News (Japanese only)
