House prices in Norway rose by 1.2% in March

BygdøyPhoto: Heiko Junge / NTB

House prices rose by 1.2% in March. As a result, in the last 12 months, house prices in Norway have risen by 12.5%.

Adjusted for seasonal variations, prices rose by 1.1% in March, new figures presented by Eiendom Norge on Thursday show.

“The strong price development we have seen in the housing market over the past year and a half continued in March. There was a strong rise across the country, with the exception of Oslo, where house prices fell by 1.2%,” CEO Henning Lauridsen of Eiendom Norge said.

The increase was strongest in Drammen with a seasonally adjusted price increase of 3.5%. Oslo had the weakest seasonally adjusted price development in March, with a decline of 0.8%.

Growth in house prices

At the same time, overall, Oslo had the strongest development in the last year, with an increase of 15.6%.

On average, it took 43 days to sell a house in March. In Oslo, it took only 14 days on average to sell a home.

The growth in house prices is now at almost the same level nationally as in the record year of 2016.

“Many areas in Norway now have an annual growth in house prices of over 10% and more, up to 15%. We have not seen such a strong development in the housing market in Norway since 2016,” Lauridsen noted.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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