Real Estate Sales

The June Report was publish on July 10, 2023 for the real estate sales for the month of June 2023. The data includes the average price per square meter for listings in the Kansai region in one data set. The Kansai region includes Wakayama, Osaka, Nara, Hyogo, Kyoto, and Shiga Prefectures.

Data for Real Estate Sales will not included new construction.

The Data will be Broken Down into Three Categories:

1. Condominium Sales
2. House Sales
3. Land Sales

Sub categories will include units sold and the number of new listings to hit the market.

１．Condominium Sales
Kansai Region

Units Sold

June 2023: ¥391,400 per square meter a total of 1,441 units sold
June 2022: ¥392,200 per square meter a total of 1,472 units sold
Year-over-year change of -0.2% per square meter
Month-to-month change of -1.4% per square meter (May to June)

June 2023: ¥26,790,000 average price
June 2022: ¥27,080,000 average price
Year-over-year change of -1.1%
Month-to-month change of -1.8% (May to June)
Average Floor Area: 68.44m²
Average Age: 27.00 years

New Properties Listed

June 2023: ¥446,200 per square meter a total of 5,313 units listed
June 2022: ¥425,000 per square meter a total of 4,342 units listed
Year-over-year change of 5.9% per square meter
Month-to-month change of 0.7% per square meter (May to June)

Total Inventory

June 2023: 19,332 total units at ¥439,000 per square meter
June 2022: 15,524 total units at ¥426,300 per square meter
Year-over-year change of 3.0% per square meter
Month-to-month change of 0.5% per square meter (May to June)
Total Inventory year over year change: 24.5%

Osaka City

Units Sold

June 2023: ¥549,500 per square meter a total of 370 units sold
June 2022: ¥560,40 per square meter a total of 387 units sold
Year-over-year change of -1.9% per square meter
Month-to-month change of -0.9% per square meter (May to June)

June 2023: ¥34,050,000 average price
June 2022: ¥35,370,000 average price
Year-over-year change of -3.7%
Month-to-month change of -1.3% (May to June)
Average Floor Area: 61.96m²
Average Age: 23.11 years

New Properties Listed

June 2023: ¥591,400 per square meter a total of 1,818 units listed
June 2022: ¥581,800 per square meter a total of 1,543 units listed
Year-over-year change of 1.7% per square meter
Month-to-month change of -2.0% per square meter (May to June)

June 2023: ¥30,340,000 average price
June 2022: ¥30,350,000 average price
Year-over-year change of -0.0%
Month-to-month change of -5.3% (May to June)
Average Floor Area: 51.31m²
Average Age: 24.01 years

Northern Osaka (Hokusetsu Area)

Units Sold

June 2023: ¥387,000 per square meter a total of 176 units sold
June 2022: ¥393,200 per square meter a total of 199 units sold
Year-over-year change of -1.6% per square meter
Month-to-month change of -3.9% per square meter (May to June)

June 2023: ¥29,230,000 average price
June 2022: ¥29,710,000 average price
Year-over-year change of -1.6%
Month-to-month change of -6.2% (May to June)
Average Floor Area: 75.53m²
Average Age: 29.00 year

New Properties Listed

New Properties Listed

June 2023: ¥408,000 per square meter a total of 440 units listed
June 2022: ¥394,000 per square meter a total of 368 units listed
Year-over-year change of 3.6% per square meter
Month-to-month change of -0.2% per square meter (May to June)

June 2023: ¥29,790,000 average price
June 2022: ¥28,970,000 average price
Year-over-year change of 3.6%
Month-to-month change of -0.2% (May to June)
Average Floor Area: 73.01m²
Average Age: 31.00 years

２．House Sales (Detached Homes)
Kansai Region

Homes Sold

June 2023: average price of ¥23,230,000 for a total of 910 homes sold
June 2022: average price of ¥23,350,000 for a total of 956 homes sold
Year-over-year change of -0.5% (average price)
Month-to-month change of 2.4%  (average price from May to June)

Average Land Area: 133.78m²
Average Building Area: 107.01m²
Average Age: 28.09 years

New Homes Listed

June 2023: average price of ¥26,120,000 for a total of 3,613 homes listed
June 2022: average price of ¥25,790,000 for a total of 2,781 homes listed
Year-over-year change of 1.3% (average price)
Month-to-month change of -1.6%  (average price from May to June)

Average Land Area: 138.27m²
Average Building Area: 109.68m²
Average Age: 29.00 years

Total Inventory

June 2023: average price of ¥26,250,000 for a total of 13,872 homes
June 2022: average price of ¥26,160,000 for a total of 11,052 homes
Year-over-year change of 0.4% (average price)
Month-to-month change of -0.4%  (average price from May to June)

Average Land Area: 140.34m²
Average Building Area: 111.20m²
Average Age: 29.03 years

Northern Osaka (Hokusetsu Area)

Homes Sold

June 2023: average price of ¥34,220,000 for a total of 68 homes sold
June 2022: average price of ¥32,450,000 for a total of 74 homes sold
Year-over-year change of 5.5% (average price)
Month-to-month change of 10.8%  (average price from May to June)

Average Land Area: 115.89m²
Average Building Area: 110.03m²
Average Age: 22.11 years

New Properties Listed

June 2023: average price of ¥38,810,000 for a total of 207 homes listed
June 2022: average price of ¥35,810,000 for a total of 154 homes listed
Year-over-year change of 8.4% (average price)
Month-to-month change of 8.2%  (average price from May to June)

Average Land Area: 136.36m²
Average Building Area: 116.42m²
Average Age: 24.02 years

３．Land Sales
Kansai Region

Lots Sold

June 2023: average price per square meter of ¥152,700 for a total of 570 lots sold
June 2022: average price per square meter of ¥153,600 for a total of 529 lots sold
Year-over-year change of -0.5% price per square meter
Month-to-month change of 9.5%  price per square meter (May to June)

June 2023: ¥24,300,000 average price
June 2022: ¥24,480,000 average price
Year-over-year change of -0.7%
Month-to-month change of 5.8% (May to June)
Average Land Area: 159.15m²

New Properties Listed

June 2023: average price per square meter of ¥156,900 for a total of 2,987 lots listed
June 2022: average price per square meter of ¥137,400 for a total of 2,525 lots listed
Year-over-year change of 14.2% price per square meter
Month-to-month change of 9.5%  price per square meter (May to June)

June 2023: ¥24,750,000 average price
June 2022: ¥21,1660,000 average price
Year-over-year change of 14.2%
Month-to-month change of 7.8% (May to June)
Average Land Area: 157.72m²

Total Inventory

June 2023: 13,930 total lots at ¥121,500 per square meter
June 2022: 11,704 total lots at ¥111,700 per square meter
Year-over-year change of 8.8% per square meter
Month-to-month change of 0.3% per square meter (May to June)

June 2023: ¥20,290,000 average price
June 2022: ¥18,700,000 average price
Year-over-year change of 8.5%
Month-to-month change of 0.4% (May to June)
Average Land Area: 167.00m²

Northern Osaka (Hokusetsu Area)

Lots Sold

June 2023: average price per square meter of ¥244,600 for a total of 36 lots sold
June 2022: average price per square meter of ¥203,100 for a total of 48 lots sold
Year-over-year change of 20.4% price per square meter
Month-to-month change of 24.3%  price per square meter (May to June)

June 2023: ¥33,400,000 average price
June 2022: ¥30,950,000 average price
Year-over-year change of 7.9%
Month-to-month change of 3.9% (May to June)
Average Land Area: 136.53m²

New Properties Listed

June 2023: average price per square meter of ¥250,300 for a total of 190 lots listed
June 2022: average price per square meter of ¥238,500 for a total of 150 lots listed
Year-over-year change of 5.0% price per square meter
Month-to-month change of -5.1%  price per square meter (May to June)

June 2023: ¥36,360,000 average price
June 2022: ¥37,510,000 average price
Year-over-year change of -3.1%
Month-to-month change of -5.4% (May to June)
Average Land Area: 145.24m²

Market Analysis

Condominiums

The ratio of new contracts to new listings was 3.63x, and the price to new listings ratio was minus 1.9%.

Number of Sales

The number of pre-owned condominium contracts in the Kinki region fell 2.1% year-on-year to 1,441, marking the third consecutive month of a year-on-year decline. The number of contracts has been increasing and decreasing repeatedly since 2022, but has been noticeably soft, falling 2.2% y-o-y to below the pre-Corona pandemic level.

New Listings

The number of new listings in the Kinki region increased 22.4% year-on-year to 5,313, recording double-digit growth for the sixth consecutive month. While the number of contracts declined, the number of new listings maintained a high rate of increase, indicating that selling pressure remains high.

Contracted unit (m²) price

The unit price per m² of pre-owned condominiums contracted in the Kinki region was ¥391,400/54 m², down 0.2% y-o-y and the first y-o-y decline in five months, although almost unchanged. The price per m² of pre-owned condominiums contracted was ¥391,400/54 m², down 1.4% from the previous month.
The month-on-month figure was also down 1.4%.

Newly listed unit (m² ) price

Newly registered m² unit price in the Kinki region rose 5.0% y-o-y to 446,200,000 yen/m², marking the fifth consecutive month of year-on-year increase. It was also up 0.7% from the previous month.

Year-on-year, the number of contracts decreased in 7 regions, and the price per m² fell in 6 regions.

The number of contracts decreased year-on-year in 7 of the 12 regions, and the number of areas where the number of contracts decreased was the same as the previous month. Of the 12 regions, northern and eastern Osaka Prefecture and Shiga Prefecture experienced double-digit year-on-year declines, with northern Osaka falling below the year-ago level for the eighth consecutive month, and existing condominium transactions continued to be soft, especially in the Hokusetsu area.
Unit price per m² fell YoY in 6 of the 12 regions, and the number of areas with falling prices increased by 4 compared to the previous month. The areas of decline included Osaka City, northern and southern Osaka Prefecture, Kobe City, and Kyoto City, with the main areas in the Keihanshin region showing signs of weakness in used condominium m² unit prices.

Detached Homes

Supply-Demand Balance for Existing Houses
The number of transactions was 3.66x, and the price deviation rate was minus 15.2%, indicating that the supply-demand balance on the price side remained almost unchanged from May, while the supply-demand balance on the number of transactions continued to shift in the direction of easing.

Number of Sales

The number of contracts for existing detached houses in the Kinki region was 956, up 5.1% y-o-y, continuing the increase seen in May. Transactions continued to increase, with an increase of 7.4% compared to June 2019, exceeding the pre-Corona pandemic level, unlike the number of pre-owned condominiums.

New Listings

In the Kinki region, the number of new listings was 3,613, up 29.9% year-on-year, marking a double-digit increase for the sixth consecutive month. As with the existing condominium market, the rate of increase in new registrations is high, and selling pressure remains strong in the existing detached house market.

Sales prices

The contract price of existing detached houses in the Kinki region was 23.23 million yen, down 0.5% y-o-y and the first y-o-y decline in 29 months since January 2021, although almost unchanged. The price was up 2.4% from the previous month. Like the price per m² of existing condominiums, the price of existing detached houses turned negative.

Newly Listed Prices

Newly registered prices in the Kinki region rose 1.3% y-o-y to 26.12 million yen, marking the sixth consecutive month of year-on-year increase. The price fell 1.6% from the previous month.

Year-on-year, the number of contracts increased in 7 regions, while contract prices declined in 6 regions.

The number of contracts increased year-on-year in 7 of the 12 regions, while the number of areas where the number of contracts increased decreased by 1 region from the previous month. Of the 12 regions, Osaka City, southern Osaka, Hyogo and other prefectures, and Nara Prefecture saw double-digit increases, while Osaka City saw its 11th consecutive month of growth, indicating that some areas continue to see strong transaction activity.

Contract prices fell year-on-year in 6 of the 12 regions, and the number of areas where prices fell increased by 2 compared to the previous month. Among the areas where contract prices declined, those in the Hanshin area and Hyogo and other prefectures experienced double-digit declines, with Kobe City and Shiga Prefecture falling below the year-ago level for the first time in eight months and six months, respectively, and some areas showed the same weakness as in the price per m2 of existing condominiums.

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For the original data in Japanese click here → Kinki Reins