House prices in Norway fell by 0.1% in November

House prices fell by 0.1% in November. As a result, house prices have risen by a total of 7.8% in the last twelve months.

Adjusted for seasonal variations, house prices rose by 0.8% in October, new figures presented by Eiendom Norge on Thursday show.

“House prices in Norway fell nominally in November, which is normal for the month.

“However, there are large differences in house price developments, and cities such as Tromsø, Trondheim, Bodø, and Oslo had a strong development when it came to house prices last month,” CEO of Eiendom Norge Henning Lauridsen noted.

The organization says that the development in the housing market in 2020 has been much stronger than most people envisioned in March and April, in connection with the corona outbreak. 

The rise in prices has been present throughout the country, and even Stavanger will, as it now stands, register a rise in house prices in 2020 (the city has had a fall in house prices for several years). 

In November, however, prices in Stavanger fell by 1.4%.

Housing prices are going against the flow

Eiendom Norge also expects December to be a strong month in the housing market. 

Normally, December is the month when the fewest homes are sold in Norway, but now it is expected that the second-hand housing market will continue to be very active through Christmas and into 2021. 

Norway is not alone when it comes to the housing market’s growth in the face of the pandemic, as the housing market has boomed in many countries – despite the pandemic and the general economic trends. 

Oslo and Bodø and the surrounding area have been the cities with the strongest growth in the last twelve months, with 10.4% and 10%, respectively. 

In Stavanger and the surrounding area, house price development has been weakest, with an increase of 4.2%.

In November, 8,095 homes were sold in Norway, which is 13.2% more than in the corresponding month last year. 

So far this year, 95,493 homes have been sold in Norway, which is 6.1% more than at the same time in 2019.

© NTB Scanpix / #Norway Today