Moderate price development
House prices fell by 1.1 per cent nominal in September. Adjusted for seasonal variations, prices rose by 0.2 percent.
House prices are now 2.6 per cent higher than a year ago.
- The moderate price trend in the housing market continued in September. We are now in the longest continuous period of moderate price growth in the history of our housing price statistics. This is good news for the Norwegian economy, Norwegian homeowners and first-time buyers, says Christian Vammervold Dreyer, CEO of Real Estate Norway.
Still large activity
In September, 9,534 homes were sold in Norway, which is 4.1 per cent more than in the corresponding month in 2018. So far in 2019, 3.3 per cent more homes have been sold than in the same period in 2018.
In September, 10,357 homes were put up for sale in Norway, which is 2.8 percent less than in the same month in 2018. So far in 2019, 3.0 have been laid out percent more homes for sale than in the same period in 2018.
- More homes were sold in September than in the same month last year, and it is only in 2014 that more homes were sold in a September month than was done this year. Accumulated for the year, there have never been as many homes sold at the end of September as this year, says Dreyer.
- The growth in the number of new second-hand homes put up for sale slowed down in September, but like the number of sales, there is also a record so far this year, says Dreyer.
It took an average of 47 days to sell a home in September 2019, which is four days more than in September 2018. The fastest selling time was Oslo and Drammen w / surrounding area with 26 days and slowest selling time had Ålesund / m surrounding area with 76 days.
- Turnover time falls throughout the country as activity in the housing market is usually high in the autumn. On average, turnover time throughout the year has been higher than previous years, which is naturally given the large supply in the housing market, says Dreyer.
Regional price trends
The strongest seasonally adjusted price trend in September was Asker / Bærum and Romerike with an increase of 0.9 per cent. The weakest seasonally adjusted price trend was Stavanger w / surrounding area with a decline of 0.5 per cent.
Oslo had the strongest 12-month growth of 4.7 per cent, while Stavanger w / surrounding had the weakest development in the last 12 months with a decrease of 0.7 per cent.
- Over the past five years there have been major regional differences in house price developments. While house prices in Oslo have grown by 45 per cent, growth has been far more moderate in the other major cities. Bergen,
Trondheim and Stavanger have grown by 11, 15 and -9 percent respectively over the last five years, says Dreyer.
- The regional differences in house price trends through 2018 and 2019 are far smaller than in previous years, and the entire Norwegian housing market is characterized by moderate price growth and high activity. In our estimation, this development indicates that the mortgage loan regulations, which are now up for re-evaluation, should be kept in current form without major adjustments, Dreyer concludes.
About Real Estate Norway's housing price statistics:
The statistics are a collaboration between Real Estate Norway, Eiendomsverdi and Finn.no.
The statistics have been compiled after the end of last month and include homes advertised on Finn.no. This means that about 70 per cent of all homes are sold in Norway during one year.
Further publication in the media, customer letters, analyzes and the like. is allowed for excerpts or parts of Real Estate Norway's housing price statistics by specifying Real Estate Norway, FINN and Eiendomsverdi AS as a source.