House prices fell by 1.1% in July. As a result, house prices in Norway are now 8.5% higher than a year ago.
Adjusted for seasonal variations, prices fell by 0.2%.
“House prices in Norway developed weakly in July, which is normal for the month. July last year was exceptionally strong both in terms of price development and sales. Now we are back to a normal business cycle in the housing market,” CEO of Eiendom Norge, Henning Lauridsen, stated.
DNB previously noted that it expects an increase in the price adjusted for seasonal variations of 0.5%.
Eiendom Norge predicts that the price increase will not come until August.
“We expect a slight rise in house prices in August, before prices fall through the autumn, as usual. We also believe that the expected interest rate increase in September from Norges Bank will impact house price developments in the future,” Lauridsen stated.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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