5 February 2024 at 10:59 House prices rose by 3.4 per cent in January This shows figures from Eiendom Norge. House prices tend to rise in January, but rose more than expected this year. – The housing market is back, says managing director Henning Lauridsen of Eiendom Norge in a press release. The rise resulted in an increase of 0.7 per cent seasonally adjusted. A seasonally adjusted house price takes into account how the price from one month to the next develops in relation to the seasonal pattern of the same month. This means that the majority of house price growth over the course of a year occurs in the first half of the year, and particularly in January. – The positive increase in January is sensational in light of the weak development in the Norwegian mainland economy and not least the surprising interest rate increase in December, says Lauridsen. In January, 6,757 homes were sold in Norway, which is 2.2 percent fewer than the corresponding month in 2023. – A strong second-hand housing market will have a positive effect on the new housing market, where there has been a historically weak development since the summer of 2022. Randi Marjamaa, manager for the personal market in Nordea, says that the bank has had a record increase in applications for mortgages and financing certificates. – The interest rate peak has probably been reached, and our economists believe that the housing market will remain up going forward. At the same time, they still experience that many are considering downgrading to less expensive housing. This particularly applies to the over 60 age group.
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