The number of new condominium units put up for sale in the greater Tokyo area came down by half last month from a year earlier. A labor shortage is a major factor for the drop.

The Real Estate Economic Institute says 728 new units went on sale in Tokyo and three surrounding prefectures -- Kanagawa, Saitama and Chiba -- in August.

That's down 50.4 percent year-on-year and is the lowest total for August since the survey began in 1973.

The number dropped 59.8 percent in Tokyo's 23 wards. The figure for Kanagawa was down 54.9 percent. And Chiba saw a decline of 38.8 percent.

Officials say many units have yet to be put on the market due to the labor shortage, among other reasons.

Meanwhile, the average price of new condo units put up for sale in the region in August stood at 95.32 million yen, or about 670,000 dollars, up 32.5 percent from a year earlier.

The officials say there was high demand for units priced at over 100 million yen in the Tokyo Bay area and Minato Ward, pushing up the average.

The institute says the declining trend for new condos will likely continue this year, but adds it expects a recovery next year.

The institute also says it will continue to monitor the movement of condo prices.