House prices in Norway rose again in September

HousesPhoto: Gorm Kallestad / NTB
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House prices in Norway rose by 1.3% more than usual in September. 

The price growth was most substantial in Ålesund and the surrounding area, with an increase of 2.7% more than normal.

The housing price data was presented by Real Estate Norway (Eiendom Norge), the national association for Norwegian realtor brokerages, on Monday.

Nationally, house prices rose by 0.4% in nominal terms in September. Adjusted for seasonal variations, that is a price increase of 1.3%.

Ålesund and the surrounding area had the strongest price growth, with a seasonally adjusted increase of 2.7%.

At the opposite end is Kristiansand, that registered unchanged seasonally adjusted prices.

Abnormally high level of home sales

“Abnormally many homes are currently being sold in Norway. The strong demand is characterized by low interest rates and high confidence in the housing market,” CEO Carl O. Geving of the Norwegian Real Estate Association noted.

In September, 11,133 homes were sold in Norway, which is a full 16.8% more than in the same month last year. 

That is perhaps the most startling figure this month, Eiendom Norge director Henning Lauridsen said at a press conference on Monday.

On average, it now takes 48 days to sell a home, a decrease from 54 days in August.

© NTB Scanpix / #Norway Today

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