October housing starts in Japan jumped by 4.3 per cent over September but were 12.3 per cent less than October last year, at 79,171 units, according to the Japan Lumber Reports Friday.
On a seasonally adjusted basis Japan’s housing starts were 904,000 units, a 2.7 per cent increase over one year ago.
Housing Starts, Japan
The recent decline in Japan’s housing starts seems to be easing, said the Ministry of Land, Infrastructure and Transport, according to Japan Lumber Reports.
New units built for owners dropped by 28.6 per cent in October compared to last year, to 24,245 units, likely due to the 8 per cent increase in consumption tax which came into effect this April.
Home builders in Japan say that the inventories of units built for sale, new building of which maintained above 20,000 units in October, have been declining since last summer but high property costs in populated regions continues to hamper further development.