Core Viewpoint - The average price of newly built residential buildings in Japan for 2024 has led to a national average housing price-to-income ratio of 10.38 times, indicating that it is increasingly difficult for single-income households to afford new homes [1][3]. Group 1: Housing Price Trends - The housing price-to-income ratio has increased from 10.09 in 2023 to 10.38 in 2024, marking the second consecutive year it has exceeded 10 times [3]. - Over 24 prefectures in Japan have a housing price-to-income ratio exceeding 10 times, a 30% increase from 18 prefectures in the previous year [6]. - The average annual income is growing slowly while housing prices are rising at a rate that outpaces income growth [6]. Group 2: Regional Insights - In regions outside of Tokyo, the average price of newly built residential buildings has also risen significantly, with many areas seeing prices surpassing 10 times the local annual income [1][6]. - Specific examples include Kumamoto Prefecture, where the "MJR Kumamoto Gate Tower" is selling units priced over 2 billion yen (approximately 901 million yuan) due to its prime location and strong demand [6]. - In Okayama City, the "Proud Tower Okayama" has sold over 300 units, including one priced at 369.98 million yen (approximately 166.7 million yuan), indicating a diverse buyer demographic [6]. Group 3: Construction Costs and Market Dynamics - Rising construction costs, with a reported increase of 4-6% in the past year for reinforced concrete buildings, are contributing to higher housing prices [9]. - Real estate companies are shifting focus towards high-end housing to meet the demands of dual-income families and affluent individuals, as traditional housing for the general public yields lower profits [9]. - The disparity in housing conditions between urban centers and local cities is notable, with local markets facing higher land acquisition costs due to competition with hotels and other developments [9].