Tokyo Kantei announced on September 7th the average price trends for newly built, wood frame single-family homes (SFH) in major metropolitan areas for August of 2023.
Key Takeaways:
Greater Tokyo Area average home prices fell 0.2% in August
Tokyo prefecture declined 2.1% due to a 5% increase in condo supply pressuring SFH prices to the downside .
Kanagawa saw a 3.7% price increase, while Chiba dropped 3.0%, and Saitama rose 1.8%.
Saitama was the only prefecture in the region to show consistent price growth over three months.
Osaka rebounded with a 0.6% increase, while Hyogo and Kyoto experienced declines.
Aichi reversed its decline with a 2.3% price increase, though condo supply continued to decrease, pressuring SFH prices up.
The properties surveyed have a land area between 50 and 100 square meters, are located within a 30-minute walk or 20-minute bus ride from the nearest train station, and are freehold single family homes. No leasehold properties are included in the data.
In the Greater Tokyo Area, which includes not only Tokyo prefecture but Saitama, Kanagawa and Chiba prefectures, the average SFH price dropped to 53.11 million yen, marking a 0.2 percent decrease from the month prior.
Broken down by prefecture:
Prefecture | Aug 2023 Avg. Price JPY | % change MoM |
Tokyo | 63.22 million | 2.1 % down |
Kanagawa | 48.09 million | 3.7% up |
Saitama | 44.55 million | 1.8% up |
Chiba | 42.20 million | 3.0% down |
Although Tokyo's prices declined, new condo supply increased, totaling 731 units, a 5 percent increase from July, 2023.
Looking at the last three month trend, Saitama was the only prefecture to experience consecutive growth, indicating there is still a strong sense of price ceiling in the local market.
In the Greater Osaka Area, the average SFH price reached 38.43 million yen (a 0.3% increase) for the second consecutive month of growth.
Among the major prefectures in the region:
Prefecture | Aug 2023 Avg. Price JPY | % change MoM |
Osaka | 37.52 million | 0.3% down |
Hyogo | 42.20 million | 1.4% down |
Kyoto | 36.56 million | 4.4% down |
In the Greater Nagoya Area, the average SFH price increased to 38.44 million yen (a 2.4% increase) for the first time in three months.
Aichi Prefecture also saw a reversal with an average price of 38.73 million yen (a 2.3% increase) after three months of decline. The number of condominiums for sale continues to decline without any sign of improvement, adding price pressure on single family homes.
Source:
PDF file is in Japanese only
