Rise in house prices in February
House prices rose by 0.9 per cent nominally in February 2020. Adjusted for seasonal variations, prices rose by 0.5 per cent.
House prices are now 3.6 per cent higher than a year ago.
- Housing prices rose in February in all areas of the country with the exception of Bergen, Kristiansand and Stavanger. The strongest rise in house prices was in Northern Norway, Central Norway and Oslo, says CEO Henning Lauridsen in Real Estate Norway.
- The growth in sales continues in February, and there is a new sales record for a February month. If this trend continues, 2020 will be another record year in the housing market after 2018 and 2019. The strong increase in the number of transactions shows that the Norwegian housing market is safe, efficient and predictable, says Lauridsen.
In February, 7,126 homes were sold in Norway, which is 8.9 per cent more than in the corresponding month in 2019. So far this year 14,517 homes have been sold in Norway, which is 4.8 per cent more than at the same time in last year.
In February, 7,562 homes were put up for sale in Norway, which is 9.9 per cent more than in the same month in 2019. So far this year, 14,806 homes have been put up for sale, which is 6.8 per cent more than at the same time last year.
The growth in the number of homes sold and the number of new homes on the market continues. So far, both homes have been sold and put out significantly more than at the same time in 2019, says Lauridsen.
It took an average of 65 days to sell a home in February 2020. That is down from 67 days in January. Oslo had the fastest sales time with 30 days and the slowest sales time had Stavanger w / surrounding area with 92 days.
- Turnover time remains stable and averages a few days higher than in 2018 and 2019. This is naturally given the increased supply of housing, says Lauridsen.
Regional price trends
Bodø w /Fauske had the strongest seasonally adjusted price trend in February, with an increase of 1.5 per cent. The weakest seasonally adjusted price trend was Stavanger w /surrounding area with a decrease of 1.0 per cent.
Oslo had the strongest 12-month growth of 6.0 per cent, while Stavanger w /surrounding area had the weakest development in the last 12 months with unchanged prices.
- In February, seasonally adjusted prices have risen in all areas except Kristiansand and Stavanger w / surrounding areas. The nominal prices are now nationally at the highest level since the measurements started, and prices in Oslo have also seen a strong rise in the first months of the year. The index in Oslo at the end of February is higher than the peak in February 2017, concludes Henning Lauridsen, CEO of Real Estate Norway.