Japan May Housing Starts +6.4%, 2nd Y/Y Rise in Row

— Japan May Housing Starts +6.4% Y/Y Vs Apr +0.3%
— Japan May Housing Starts MNI Poll Median Forecast +3.3% Y/Y
— Japan May Housing Starts at Annualized 815,000 Units

TOKYO (MNI) – Housing starts in Japan rose 6.4 % in May from a year
earlier to 63,726 units, posting a second consecutive year-on-year rise,
the Ministry of Land, Infrastructure, Transport and Tourism said
on Thursday.

The increase in May was stronger than the consensus call of a 3.3%
rise. It followed +0.3% in April and -2.4% in March, when housing
construction marked the first y/y drop in 10 months, hit by the March 11
earthquake disaster.

The seasonally adjusted annualized rate of housing starts stood at
815,000 units in May, up from 798,000 units in April.

The breakdown follows (year-on-year changes in the previous month
in parentheses):

— Owner-occupied houses -2.9% y/y at 23,528 units (vs. +0.2% in
April), the first y/y fall in 19 months.

— Houses for rent -5.0% y/y at 20,669 units (vs. -9.3% in April),
the eighth straight monthly fall.

— Condominiums and houses for sale +42.9% at 18,822 units (vs.
+12.4% in April), the 15th consecutive y/y rise.

tokyo@marketnews.com
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