House prices fell 1.3 per cent in November – news Norway – Overview of news from various parts of the country

– House prices fell by 1.3 per cent in November, which resulted in a small rise of 0.1 per cent seasonally adjusted. As in recent months, the seasonal adjustment is still being dragged up by the particularly weak development in autumn 2022, says Henning Lauridsen, CEO. in Property Norway. Due to unusual price developments in the housing market in both the first and second half of last year, the brokers’ organization has previously said that the seasonally adjusted figures may now be somewhat misleading. There are fewer interested parties at home viewings after mortgage interest rates have risen a lot in the last two years. Photo: Sun Iren Bjørnås / news The price drop comes in the wake of nominal housing prices falling in recent months. The nominal prices tell how much the prices change in current kroner. – Somewhat fewer homes have been sold than in November last year, but overall in 2023 we are almost at the same level as last year. The second-hand housing market is functioning well, despite the weak price development since August and lower real estate prices, says Lauridsen. House sales slightly lower than last year More than 87,000 houses have been sold in Norway so far this year, which is a slight percentage lower than in the same period last year. In the last month, just under 9 per cent fewer homes were sold than in November last year. Still in the plus in 2023, but further decline expected So far in 2023, house prices in Norway have risen by 1.3 per cent for the year as a whole. The average price for a home in Norway was NOK 4,319,514 at the end of November. – We also expect a weak development in house prices in December, says Lauridsen. Nordea: More people are “buying down” in housing Randi Marjamaa, who is head of personal market at Nordea, says that more people than before are selling their existing home before buying a new one. – We see that more people now want to “sell down” – i.e. buy a cheaper home than the one they have, in order to reduce debt and costs. This particularly applies to customers approaching retirement, she says.



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