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(CEP News) - According to a report form the Ministry of Land, Infrastructure and Transport on Thursday, annualized housing starts surpassed expectations in June, reaching 1.130 million compared to May's 1.072 million.
The consensus had been looking for 1.11 million housing starts for June. While the report suggests a 5.4% increase on the month, the data were not encouraging compared to twelve months ago, with housing starts having fallen 16.7% in June compared to May's annual 6.5% contraction. Economists had been expecting a 17.8% contraction for the year. Owner-occupied starts declined by 6.6% after contracting 5.7% in May while housing for rent contracted by 15.1% after decreasing 8.6% in the previous month. The report also saw 27.2% less houses for sale compared to twelve month ago, below May's 3.1% decline in homes for sale. The ministry also reported an 11.7% decline in annual construction orders in June compared to May's 25.2% fall. On July 15, the Japanese Real Estate Economic Research Institute said Tokyo condominium sales in Japan declined by an annual 30.0% in June compared to the previous month's 17.7%. By Erik Kevin Franco,
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, edited by Nancy Girgis,
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