Tokyo new condo supply declines for 2nd month

Jiji Press TOKYO (Jiji Press) — The number of new condominium units put up for sale in the greater Tokyo area in August dropped 28.5 percent from a year earlier to 1,502, down for the second consecutive month, the Real Estate Economic Institute said Thursday.

The figure hit the lowest level for August since 1993, when it stood at 1,354.

The average unit price declined 7.5 percent to ¥53.6 million.

Sales contracts were concluded in the month for 64.5 percent of the total new supply, standing below the boom-or-bust dividing line of 70 percent for the fifth straight month.

The data covered Tokyo and the three neighboring prefectures of Kanagawa, Saitama and Chiba.Speech

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