House prices in Norway fall for third consecutive month
House prices in Norway have fallen by 6.5 percent over the past three months after another decline in the property market in November, according to figures released Monday.
Home prices in Norway fell by 2.2 percent in November, the latest figures from Real Estate Norway (Eindom Norge) show.
When adjusted for seasonal variation, as the property market tends to trend downwards during the latter half of the year, house prices fell by 0.9 percent.
André Kallåk Anundsen, a housing researcher at OsloMet, told business and financial site E24 the fall was due to a higher cost of living and rising interest rates.
“This is a natural response to interest rates rising and financing certificates being tightened, at the same time as household expenses generally increase,” he explained.
Overall, house prices are up 2.4 percent compared to the same time last year. However, there has been a 6.5 percent fall over the past three months.
The capital, Oslo, saw a seasonally adjusted drop of 0.5 percent. However, Bergen and Trondheim saw much larger decreases of around 2.6 and 1.3 percent, respectively.
Hennig Lauridsen told E24 that the fall in home prices was the second sharpest decline recorded for November.
He added that barring a strong rise in January, the Norwegian market could probably expect house prices to continue falling over the next few months.
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Home prices in Norway fell by 2.2 percent in November, the latest figures from Real Estate Norway (Eindom Norge) show.
When adjusted for seasonal variation, as the property market tends to trend downwards during the latter half of the year, house prices fell by 0.9 percent.
André Kallåk Anundsen, a housing researcher at OsloMet, told business and financial site E24 the fall was due to a higher cost of living and rising interest rates.
“This is a natural response to interest rates rising and financing certificates being tightened, at the same time as household expenses generally increase,” he explained.
Overall, house prices are up 2.4 percent compared to the same time last year. However, there has been a 6.5 percent fall over the past three months.
The capital, Oslo, saw a seasonally adjusted drop of 0.5 percent. However, Bergen and Trondheim saw much larger decreases of around 2.6 and 1.3 percent, respectively.
Hennig Lauridsen told E24 that the fall in home prices was the second sharpest decline recorded for November.
He added that barring a strong rise in January, the Norwegian market could probably expect house prices to continue falling over the next few months.
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