Japan’s housing market is mixed

The average price of existing condominiums in Tokyo rose by 3.91% in 2019 from a year earlier, a sharp improvement from a y-o-y growth of just 0.61% in the previous year. During the latest quarter, existing condo prices rose by 1.65%. Demand remains robust; supply is fallingExisting condominium sales in Tokyo rose by 2.4% to 38,313 units in 2019 from a year earlier, according to The Land Institute of Japan, while sales of existing detached houses in Tokyo increased 4.5% y-o-y to 19,035 units over the same period. In contrast, dwelling starts in Japan fell by 4% to 905,123 units in 2019 from a year earlier.