Real Estate prices rose by 0.2 percent in March

Housing in Sørengkaia in OsloHousing in Sørengkaia in Oslo.Photo: Thomas Brun / NTB scanpix

Due to an early Easter this year, fewer homes were sold in March, but real estate prices in Norway rose by 0.2 percent this month, adjusted for seasonal variations.

 

Nominal prices rose by 0.5 percent. It shows figures Eiendom Norway released Thursday morning.

Housing prices are now 2.2 percent lower than a year ago.

– “The price development in March confirms the developments we have seen so far in 2018 that the real estate price drop that affected the market through 2017 has stopped in most parts of the country. Price inflation so far this year is moderate with the exception of in the capital, where the first quarter has resulted in a strong price increase,” says Christian Vammervold Dreyer, Managing Director in Eiendom Norge.

Influenced by Easter
In March, 6,632 homes were sold here in the country. That is 18.1 percent fewer than at the same time last year, when Easter was in April.

There were 7,731 homes for sale in March. This is a decline of 20.7 percent from the same time last year.

“Many are waiting to put their homes on the market after Easter, and we expect that the number of homes for sale will increase over the next few months. Despite this, ‘time on the market’ in several of the big cities is lower than a few months ago, and especially in Oslo,” says Dreyer.

Decline in south and west
Of the major cities, prices rose most in Oslo, with an increase of 1.7 percent.

In Bergen prices dropped by 0.2 percent, while in Stavanger prices fell by 0.9 percent.

Housing in Trondheim has risen by 0.9 percent.

The weakest was the development in Kristiansand with a decline of 1.1 percent.

 

© NTB Scanpix / #Norway Today

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