A total 5,493 new condominiums went on sale in the Tokyo metropolitan area in August, up 16.5 percent from a year earlier and a record for that month, Real Estate Economic Institute Co. said Tuesday.

“A larger-than-expected number went on sale in August. It’s a reaction to restrained supply the previous month,” an official of the institute said, referring to a 14.3 percent year-on-year fall in July.

The ratio of contracts signed to new units offered for sale was 81.6 percent, standing above 80 percent for the third consecutive month, the private institute said. The August ratio is up 3.1 percentage points from the same time last year and up 0.9 point from July.

The average price of new condos in August was 42.24 million yen, up 11.4 percent from the previous year. The average price per square meter grew 9.3 percent to 541,000 yen.

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