Fluctuations in Housing Demand Driven by Economic Conditions, Interest Rates and the Tax System
First written in FY2017. 7 of 23 entries say "Worsened", first in FY2023-Q1. Latest entry: 2026-11-12.
Grandy House moved to the "Worse" side of this theme in 2022, 2 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 43 of 62 companies on the "Worse" side.
6 other companies' latest entry also says "Other".
- 2026-11-12OtherResults
「前年同期の着工棟数は制度改正の影響による一時的な減少が含まれており、市場環境の改善は限定的でした。加えて、建築資材価格や人件費の高止まり、住宅価格の上昇及び金利動向への警戒感などから、事業環境は厳しい状況で推移いたしました。」
着工件数は前年同期比で増加したが、反動増を含み、市場環境の改善は限定的とした。 - FY2027-H1Limited improvement from a rebound increaseAnnual report
「Starts of construction of built-for-sale detached houses increased 16.6% year on year, but the number of units started in the same period of the previous year included a temporary decline caused by regulatory revisions, limiting the improvement in market conditions. In addition, the business environment remained challenging due to persistently high construction material prices and labor costs, rising home prices, and caution over interest rate trends.」
Although starts increased 16.6% year on year, improvement in market conditions was considered limited because the increase included a rebound ahead of regulatory changes, while concerns over home prices, material prices, personnel expenses and interest rates continued. - 2026-08-10SoftenedResults
「分譲戸建住宅の着工件数が前年同期比27.6％の増加となりましたが、前年同期は制度改正の影響により着工が一時的に減少していたことから、この増加には反動増の影響が含まれており、市場環境の改善は限定的でした。」
分譲戸建住宅の着工件数は増加したが、制度改正後の反動増を含み、市場改善は限定的と記載した。 - FY2026Modest recovery, but the sluggish housing market continuesAnnual report
「Housing starts for detached subdivision homes turned higher year on year from October, but the recovery was modest, resulting in a lackluster performance, including a 5.9% year-on-year decline for the full fiscal year.」
Starts of detached homes for sale turned upward from October, but the recovery was modest, and they declined 5.9% from the previous fiscal year for the full year. - FY2026-H1Decline narrows, but challenging market conditions continueAnnual report
「In the housing industry, housing demand remained weak due to persistently high home prices, and starts of detached homes for sale remained below the year-earlier level. Although the decline narrowed recently, starts fell 11.5% year on year on a first-half cumulative basis, and challenging market conditions continued.」
Starts of detached homes for sale remained below the year-earlier level and fell 11.5% year on year on a first-half cumulative basis. The disclosure also notes that the decline narrowed recently. - FY2025WorsenedAnnual report
「Starts of detached homes for sale remained below the year-earlier monthly level for 28 consecutive months from November 2022 through February of the current year. Although they turned upward in March, starts declined 8.5% from the previous fiscal year, and challenging market conditions continued throughout the consolidated fiscal year.」
Starts of detached homes for sale remained below the year-earlier monthly level for 28 consecutive months and fell 8.5% from the previous fiscal year for the full year. The deterioration in housing demand continues. - FY2025-H1WorsenedAnnual report
「Starts of detached homes for sale remained below the year-earlier monthly level for 23 consecutive months since November 2022. During the interim consolidated accounting period, starts declined 12.9% year on year, with no signs of bottoming out.」
Starts of detached homes for sale fell below the year-earlier monthly level for 23 consecutive months, declining 12.9% year on year in the interim period, indicating that the deterioration in housing demand continued. - FY2024-Q3WorsenedAnnual report
「In the housing industry, buyers' sentiment weakened as housing prices remained elevated, and housing starts for detached subdivision homes continued to fall below the year-earlier month from November 2022 onward. In light of the deterioration in housing starts, the government revised its economic assessment of the housing construction sector, most recently lowering it to “weakening.”」
Lower buyer sentiment caused by persistently high home prices and housing starts below the year-earlier level continued, while the government's assessment of economic conditions was also downgraded to reflect weaker conditions. The deterioration in the risk of fluctuations in housing demand continued. - FY2024-Q2WorsenedAnnual report
「In the housing industry, starts of detached homes for sale remained below the year-earlier monthly level for 11 consecutive months from November 2022, as persistently high home prices weakened purchase sentiment, and the decline widened. As housing-start statistics deteriorated, the government downgraded its assessment of economic conditions in the housing construction sector twice, in August and September.」
Persistently high home prices and weak purchase sentiment resulted in starts of detached homes for sale falling below the year-earlier level for 11 consecutive months, with the decline widening. The disclosure also notes the government's downgrade of its assessment of economic conditions. - FY2024-Q1MaterialisedAnnual report
「In the housing industry, continued increases in housing prices affected purchasing sentiment, and new housing starts continued to tend to fall below the year-earlier month. In the construction start statistics for the core detached subdivision housing segment released by the Ministry of Land, Infrastructure, Transport and Tourism, housing starts remained below the year-earlier month from November 2022 onward.」
The risk of fluctuations in housing demand is actually emerging as higher home prices affect purchase sentiment and starts of detached homes for sale fall below the year-earlier monthly level. - FY2023MaterialisedAnnual report
「The core real estate sales business was affected by higher orders costs due to soaring home prices caused by higher building-material costs and by the deteriorating economic environment,」
The disclosure states that soaring home prices caused by higher building-material costs and the deteriorating economic environment actually affected orders. - FY2023-Q3MaterialisedAnnual report
「The core real estate sales business was affected by higher orders costs due to soaring home prices caused by higher building-material costs and by the deteriorating economic environment,」
The disclosure states that soaring home prices caused by higher building-material costs and the deteriorating economic environment actually affected orders. - FY2023-Q2WorsenedAnnual report
「Nationwide new housing starts for detached subdivision homes remained resilient, exceeding the previous year for 17 consecutive months through September of this year, but the pace of growth slowed, and it became necessary to monitor the impact on consumer sentiment of rising prices for housing and lifestyle-related products.」
Although starts of detached homes for sale remained firm, their growth trend slowed, and concerns increased that higher prices for housing and household-related products would affect housing demand through consumer sentiment. - FY2023-Q1WorsenedAnnual report
「The housing industry continued to monitor the impact on housing demand of higher home prices caused by the woodshock, soaring material prices and material shortages.」
In addition to conventional risks related to economic conditions, interest rates and tax policies, the company identified as a new concern the impact on housing demand of higher home prices caused by the woodshock, soaring material prices and material shortages. - FY2022RestatedAnnual report
「Demand for housing and residential land is readily affected by economic conditions, the employment and income environment, interest rates, housing tax policies, subsidy programs, land price trends and expectations for these factors, which in turn affect customers' willingness to purchase homes and may affect the group's business results and financial position.」
The company continues to disclose the risk of fluctuations in housing demand due to economic conditions, employment and income, interest rates, tax policies, subsidy programs and land prices. - FY2021-Q3RestatedAnnual report
「The housing industry also faced a challenging operating environment, particularly during the state of emergency, due to restrictions on business activities and customers refraining from going out, while new housing starts declined substantially year on year amid concerns about a resurgence of infections and worsening employment conditions.」
The disclosure continues to describe the substantial decline in housing starts against a backdrop of restrictions on business activity, voluntary restraints on going out, concerns over a resurgence of infections and deteriorating employment conditions caused by the infectious disease. - FY2021-Q2RestatedAnnual report
「The housing industry also faced a challenging operating environment, particularly during the state of emergency, due to restrictions on business activities and customers refraining from going out, while new housing starts declined substantially year on year amid concerns about a resurgence of infections and worsening employment conditions.」
Housing starts declined substantially year on year against a backdrop of restrictions on business activity, voluntary restraints on going out and concerns over deteriorating employment conditions caused by the infectious disease. - FY2021-Q1MaterialisedAnnual report
「The business environment became extremely challenging due to constraints on business activities associated with the spread of COVID-19 and customers refraining from going out.」
The risk of fluctuations in housing demand due to economic conditions, employment, interest rates and tax policies actually manifested itself as restrictions on business activity, voluntary restraints on going out, and declines in the number of homes sold and revenue caused by COVID-19. - FY2020MaterialisedAnnual report
「Orders deteriorated as customer sentiment weakened due to the consumption tax increase and flooding from Typhoon Hagibis, forcing a downward revision to the initial earnings forecast, disclosed on 10 February 2020.」
Fluctuations in housing demand caused by changes in tax policy and a natural disaster actually manifested themselves as weak orders and a downward revision to the earnings forecast. - FY2020-Q3MaterialisedAnnual report
「In addition to the consumption tax increase, orders remained sluggish during the quarter as customer sentiment weakened due to flooding from Typhoon Hagibis,」
Changes in tax policy and a natural disaster actually manifested themselves as weak orders through more cautious housing purchase sentiment. - FY2017First statedAnnual report
「Demand for housing and residential land is susceptible to economic conditions, the employment and income environment, interest rates, housing tax policy, subsidy programs, land prices and forecasts for these factors. Trends in these factors could affect the Group's business performance and financial condition.」
The disclosure identifies the risk that housing demand may be affected by economic conditions, employment and income, interest rates, tax policies, subsidy programs and land prices.