Average used condominium prices converted to 70 square meters in Tokyo’s 23 wards fell 0.1% from the previous month to ¥127.24 million, or about $800,000, according to July data released on the 24th by real estate research firm Tokyo Kantei. Prices had reached record highs for 25 consecutive months through May 2024 but have now declined for two straight months. They remained 21.4% higher than a year earlier. The correction reflects a growing inventory of unsold properties in central Tokyo after a prolonged price surge, prompting real estate companies to cut prices. The central six wards, including Chiyoda and Minato, fell 1.7% to ¥181.95 million, or about $1.1 million, for a third consecutive monthly decline. Resale-focused buyers are holding back as further appreciation becomes less certain. In contrast, the Tokyo Metropolitan Area, comprising Tokyo and three neighboring prefectures, rose 1.2% to ¥75.47 million, or about $480,000, up 28.9% year over year and reaching a record high since the survey began. Tokyo Kantei said demand from buyers seeking homes for actual residence remains solid in lower-priced suburban and outlying areas, where elevated metropolitan prices are likely to persist. The survey points to an ongoing correction in central Tokyo alongside resilience elsewhere, with interest rates and new condominium supply key factors to watch.