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House prices in Norway continue to rise this crown fall, contrary to historical trends.
Published:,
In October, the brokerage industry measured a nominal price increase of 0.5 percent. It is stronger than it seems, because the month of housing is considered weak.
Adjusted for seasonal variations, Eiendom Norge sees an underlying price increase of 1.1 percent.
– There is a strong price evolution in October, says the director of Eiendom Norge, Henning Lauridsen, about the figures.
– For the second month in a row, the price evolution breaks the trend, the top of the corridor continues.
Unusual crown harvest
The trend you are talking about is that home prices almost always correct themselves in the fall season.
A month ago, however, there were indications that this fall of the crown would be different. Then nominal prices rose 0.4 percent, which is an unusual amount, and now the corresponding strong growth is being measured again.
The Norwegian housing market has had a positive underlying price performance for six consecutive months.
Home prices are 7.1 percent higher than this time last year, according to broker statistics.
– 2020 will be a much stronger year than almost everyone predicted beforehand, says Lauridsen.
The development worries his industry colleague the Norwegian Real Estate Association, especially when it comes to the capital. Here, houses are now 9.5 percent more expensive than a year ago.
– Unfortunately my long-announced concern, NEF director Carl Geving writes to E24.
Record number of sales, again
The corona virus is probably the biggest price squeezer in recent months, because it has prompted Norges Bank to introduce a key zero percent crisis-free interest rate.
This increases the demand for mortgages and makes it easier to service large loan repayments.
In October 10,045 homes were sold in Norway. This is a new sales record and 9.4% more sales than in October last year.
The number of homes placed on the second-hand market has also increased, without it being a problem to sell them.
The average sales time was 46 days, two days less than the corresponding month in 2019.
