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Bruksregler

All rights to data material, the reports, statistics, graphs, diagrams, figures, illustrations etc. is the property of Eiendom Norge/Real Estate Norway and Eiendomsverdi AS, cf. Åndsverkslovens (the Norwegian Copyright Act) article 1 following., and article 43 (protection of databases).

Commercial use and all other further use, further publication or attempts to assemble and use in further exploitation requires written approval from Eiendom Norge or/and Eiendomsverdi AS.
Further publications in media, newsletters, analysis etc. are allowed for excerpt or parts of the report, if Eiendom Norge/Real Estate Norway, Finn.no and Eiendomsverdi AS is stated as the source.

Bruksregler

All rights to data material, the reports, statistics, graphs, diagrams, figures, illustrations etc. is the property of Eiendom Norge/Real Estate Norway and Eiendomsverdi AS, cf. Åndsverkslovens (the Norwegian Copyright Act) article 1 following., and article 43 (protection of databases).

Commercial use and all other further use, further publication or attempts to assemble and use in further exploitation requires written approval from Eiendom Norge or/and Eiendomsverdi AS.
Further publications in media, newsletters, analysis etc. are allowed for excerpt or parts of the report, if Eiendom Norge/Real Estate Norway, Finn.no and Eiendomsverdi AS is stated as the source.

Bruksregler

All rights to data material, the reports, statistics, graphs, diagrams, figures, illustrations etc. is the property of Eiendom Norge/Real Estate Norway and Eiendomsverdi AS, cf. Åndsverkslovens (the Norwegian Copyright Act) article 1 following., and article 43 (protection of databases).

Commercial use and all other further use, further publication or attempts to assemble and use in further exploitation requires written approval from Eiendom Norge or/and Eiendomsverdi AS.
Further publications in media, newsletters, analysis etc. are allowed for excerpt or parts of the report, if Eiendom Norge/Real Estate Norway, Finn.no and Eiendomsverdi AS is stated as the source.

Rapporter Viken m/Oslo

Rapporter Innlandet

Rapporter Vestfold og Telemark

Rapporter Agder og Rogaland

Rapporter Vestlandet

Rapporter Midt-Norge

Rapporter Nord-Norge

Filer

Arkiv

Bruksregler

All rights to data material, the reports, statistics, graphs, diagrams, figures, illustrations etc. is the property of Eiendom Norge/Real Estate Norway and Eiendomsverdi AS, cf. Åndsverkslovens (the Norwegian Copyright Act) article 1 following., and article 43 (protection of databases).

Commercial use and all other further use, further publication or attempts to assemble and use in further exploitation requires written approval from Eiendom Norge or/and Eiendomsverdi AS.
Further publications in media, newsletters, analysis etc. are allowed for excerpt or parts of the report, if Eiendom Norge/Real Estate Norway, Finn.no and Eiendomsverdi AS is stated as the source.

About the statistics

The Norwegian Housing Price Statistics is a collaboration between Real Estate Norway, Eiendomsverdi AS and Finn.no.

Real Estate Norway have been the owner of the statistical tables since November 2011.

Up until, and including, October 2011 the statistical analyses were owned and produced by Real Estate Norway and Norwegian Association of Real Estate Agents (NEF).

Today, the producer of the current statistical analyses is Eiendomsverdi AS, and from January 2014 onwards all analyses are based on the data bases at Eiendomsverdi, including the period covered before Eiendomsverdi AS was in charge of the analyses.

The Data Base
The presented statistics do not comprise a total count of all house transactions in Norway.

The observations are based on transactions mediated by realtors and listings through Finn.no.

Transactions that are evaluated as non-house transactions (lots, garages etc.) are removed from the data set through automated routines at Eiendomsverdi AS.

Methodology
Price changes are estimated on a methodology based on index theory.

The index reports price changes for comparable houses by using a starting point (set to unity) and in which all changes are presented as increases or decreases in percentage points. For example, a change from an index level of 1.73 to 1.76 represents a house price increase of 1.7% (the change 1.76 – 1.73 = 0.03 is related to the level 1.73, compared to which it is a fraction of 1.7%).

Eiendomsverdi AS employs a house price index based on an emulation of the internationally well-established SPAR-method (Sales Price Appraisal Ratio).

Eiendomsverdi AS`s version of “appraisal” involves first an estimation of coefficients in a hedonic regression model. The model is then used to predict a model value for each transacted house. The technique consists of two stages. First, the analyst observes how variation in attributes of a house is associated with variation in transaction prices.

As attributes, Eiendomsverdi AS employs e.g. house type, size, floor, lot size, construction year, owner type of house and lot, geographical location and number and type of buildings. The regression model allows Eiendomsverdi AS to estimate a partial price for each attribute, which then can be added together into a predicted total value for the whole house. In the second stage, Eiendomsverdi AS computes the ratio of the newest transaction prices and the predicted prices given their attributes.

For house types and geographical areas, Eiendomsverdi AS identifies a typical price change by locating the median SPAR-ratio of observed sales price and predicted price. The median indicates the specific ratio in which fifty percent of the ratios are lower and fifty percent are higher. In this way, Eiendomsverdi AS is able to control for composition effects in the transacted houses in any given month and for different price developments for different types of houses. Thus, Eiendomsverdi AS is able to identify what the price change is for houses that are comparable.

The index for all of Norway is computed as a transaction-volume-weighted average of the indices for types (for the whole country). It is not an average across indices for sub-regions as counties and municipalities.

Seasonal adjustment
Normally, house prices increase more in the spring than in the fall.

In the period 2003 – 2013 the price increases were strongest in January and weakest in December, when controlled for what type of house typically will be transacted in those months.

Even with an underlying price trend there is a tendency for prices to exhibit seasonal variation. In order to identify the underlying price development, controlled for seasonality, Eiendomsverdi AS employs a well-established technique.

From 2014 onwards, Eiendomsverdi AS employs an X12 ARIMA technique to adjust the price development for repeating seasonal patterns. The difference between the nominal price index and the seasonal price index is modeled as seasonal variation.

Differences between indices and averages
From 2014 onwards, the reports include price indices and changes in price indices for house types and regions. In addition, presentations include average square meter prices for types and regions.

The indices will accurately reflect price developments for comparable houses. Square meter prices are presented so that practitioners may anchor prices to a given level in a given period for a given area.

Practitioners must, however, be aware of the differences. Average square meter price is computed on the basis of a gross data set in which composition effects may occur, i.e. two months may include sales price observations for two data sets with different compositions. These two months are thus not immediately comparable.

The index, however, is designed to control for compositional effects and identify the price development for comparable houses.