New apartment supply in Tokyo down 25% in June
According to the Real Estate Economic Institute, a total of 2,284 brand new apartments were released for sale across greater Tokyo in June, down 12.3% from the previous month and down 25.1% from last year.
1,534 apartments were sold, resulting in a contract ratio of 67.2%, down 5.0 points from the previous month and down 2.4 points from last year. Unsold inventory as at the end of June was 6,210 apartments, down 212 units from the previous month but up 80 units from June 2016.
The average price of a new apartment across greater Tokyo was 56,420,000 Yen, down 5.7% from the previous month and down 0.5% from last year. Thea average price per square meter was 840,000 Yen, down 2.4% from the previous month but up 2.1% from last year.