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Slight summer dip in Norwegian house prices

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Slight summer dip in Norwegian house prices
Houses in Drammen, Norway. File photo: Håkon Mosvold Larsen/Scanpix
12:35 CEST+02:00
Norwegian house prices fell by 0.4 percent from May to June, but were still up by about 5.7 percent compared to the same period last year.
Real estate statistics released on Monday showed that housing prices were on average 5.6 percent higher this year overall compared to 2012.
 
The prices of single-family homes fell by one percent from May but leveled out at 5.1 percent higher than prices in June 2012. Apartment prices fell by 0.9 percent in one month. Detached houses, meanwhile, bucked the trend and kept increasing in value, with a 0.7 percent climb from May to June. 
 
Norway's Real Estate Association (EFF) said the price decline in June was expected, but had in fact been less hefty than predicted.
 
"Adjusted for seasonal variations, we actually see an increase,"  EFF CEO Christian Dreyer Vammervold told the NTB news agency.
 
"This shows that the housing market in Norway is robust, and June figures indicate that the housing market has now found a better balance between supply and demand."
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