Transactions declined for a fourth straight month
East Japan REINS reported on August 10 that 3,638 resale condominium transactions were completed across Greater Tokyo in July 2026, down 8.6% from a year earlier and marking a fourth consecutive year-on-year decline. Inventory rose 5.5% to 47,151 units, the fifth consecutive increase. The average contracted price per square meter fell 1.5% to ¥841,700 and the average total contracted price slipped 0.7% to ¥52.67 million. Both measures nevertheless rose from June, so the year-on-year declines should not by themselves be interpreted as evidence of a broad price correction.
Asking and inventory prices remain much stronger than completed prices
The average unit price of newly listed properties increased 20.4% year on year to ¥1.1786 million per square meter, while inventory unit prices increased 28.2% to ¥1.1830 million. The average newly listed price was ¥68.34 million and the average inventory price ¥68.66 million, compared with a completed-sale average of ¥52.67 million. The groups of properties are not identical, so these differences cannot be treated as a simple discount rate. They nevertheless illustrate that seller pricing and successfully completed transactions are not moving in the same way.
International buyers should distinguish online listings from market-clearing prices
Overseas buyers often see Japanese properties first through listing portals, which show asking rather than completed prices. The July data underline the need to compare recent transactions from similar buildings, station areas, ages and floor sizes. Sellers should likewise monitor competing inventory and price revisions. With completed prices slightly below the previous year but inventory prices sharply higher, the market cannot be described accurately using a single up-or-down narrative. A key issue for the second half of 2026 will be whether rising inventory begins to affect negotiation periods and completed pricing more visibly.