The combined index fell to 125.0
Japan's Ministry of Land, Infrastructure, Transport and Tourism released its May 2026 Existing Home Sales Volume Index on August 31. The seasonally adjusted combined index for detached houses and condominiums was 125.0, down 3.5% from the previous month. Excluding condominium units under 30 square meters, the combined index was 114.3, down 2.9%. Detached houses fell 3.4% to 124.6, while condominiums declined 4.4% to 124.2. The condominium index excluding sub-30-square-meter units fell 4.1% to 100.2.
Small investment units are separately identified
A distinctive feature of the statistics is that condominium figures are published both including and excluding units smaller than 30 square meters. MLIT explains this approach by noting increased individual purchases of small one-room condominiums. The broader index can also include second homes, holiday homes and investment properties in addition to ordinary owner-occupied existing homes. Investors should therefore recognize that the measure captures several types of demand rather than only households purchasing a primary residence.
Sellers should monitor liquidity as well as asking prices
When transaction volume softens, some sellers may face a longer period before finding a buyer at their preferred price. A decline in a nationwide index does not, however, automatically mean that every individual property's value has fallen. Conditions differ between central Tokyo, suburban markets and regional cities, and building age, station access and management quality can produce major variations. Foreign owners preparing to sell can obtain a better picture of liquidity by examining nearby completed transactions, competing listings and expected marketing periods in addition to headline valuation estimates.