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The beginning of a new month means a summary of the month that has passed, including through the house price statistics for Eiendom Norge.
And the figures show that house prices rose 0.5 percent in October. Adjusted for seasonal variations, prices increased 1.1 percent.
All in all, house prices are now 7.1% higher than a year ago.
Avoid pitfalls in home sales
– It can break the seasonal pattern.
– House prices continue to rise in October, which is abnormal for this time of year, Eiendom Norge CEO Henning Lauridsen says in a press release.
– If this trend continues throughout the year, the seasonal pattern in the Norwegian real estate market is broken, with rising prices in the first half and falling prices in the second half, it continues.
Carl Geving, executive director of the Norwegian Real Estate Association, points out that the housing market is strongly affected by the “crown effect”, and the evolution of prices is reminiscent of the level of 2016.
– The home is a necessary good that has a high priority in times of recession. The pandemic has made us appreciate an even safer and better home, and low interest rates make it possible for many to pay more to do so. Paradoxically, the recent boom in infections may reinforce this trend, Geving tells Dinside.
Stronger and weaker
According to statistics for October, the strongest seasonally adjusted price developments occurred in Romerike with an increase of 1.7 percent. The weaker seasonally adjusted price evolution had Ålesund with surroundings and Tromsø with prices unchanged.
Oslo had the strongest growth in 12 months with a 9.5 percent increase, while Stavanger and the surrounding area had the weakest development in the past 12 months with a 4.2 percent increase.
Here are the most expensive municipalities in Norway
I never sold so many houses
DNB Eiendom reports that its own figures show that they have sold about 14% more homes than at the same time last year.
CEO Terje Buraas believes in higher price growth ahead of Christmas, and that activity in December will be much higher than usual in the Christmas month:
– We canceled the summer holidays and had a record activity in July, now I think we can also cancel the Christmas holidays. The challenge in today’s market is not to sell your old home, but to find your new one. Therefore, I believe that many will be active in the search for housing also in December, says Buraas.
Do you own or rent? Easy to walk with a real bang
Increased prices and faster sales
As DNB Eiendom has offices across the country, they have also noticed some trends in the housing market in our largest cities, and they are summarized here:
- I Oslo Up to 30 percent more single-family homes have been sold than last year, which is a significant increase, and average sales are in line with 2019 in the capital.
- Bergen has had a strong increase in sales of about 15 percent, and it is mainly the apartments that explain the increase. In Bergen, it’s the downtown areas that appear to have the most price growth, and on average, homes sold faster in October than in September.
- I Trondheim More homes were also sold than last year, with an increase of between five and six percent. There are only apartments that explain the growth in turnover, moreover, the median price in Trondheim increases in October as several expensive townhouses have been sold, raising the average.
- Stavanger has had an increase in the number of homes sold of about 15 percent. What’s most surprising, however, is that homes are selling faster than in many years: the median time to sell in Stavanger has been well above the national average, but in October, DNB figures show a sharp decline since September, 70 to 50 days.
