house price statistics from Property Norway, Finn.no and Property Value shows that house prices rose 0.3 percent on a monthly basis in December.
Adjusted for seasonal variations, house prices rose 1, 0 percent on a monthly basis.
Nominal house prices have never been higher than they are now.
DNB Markets expected that house prices would rise 0 2 percent in December.
The difference between actual and seasonally adjusted price change indicates that December is a month that normally has a weaker price trends than the average month.
Apartments pulls up
Housing prices in December was 8.1 percent higher than the same time last year.
Villas contributed a price increase of 8.2 percent, 8.7 percent flats, while detached houses (townhouses and halves of duplexes) was up 5.1 percent over the year.
Looking at the average house price in 2014, this 2.1 percent higher than in 2013. Property Norway revised in June its forecasts for 2014 to a increase of 2 percent.
– After we underestimated the strength of market normalization at last year’s entry, we hit well with our revised forecast, says Dreyer.
B sheds tradition
CEO Christian Dreyer Vammervold in Property Norway characterizes the December upswing as ‘strong’ on the presentation taking place right now.
He shows that house prices rose in 10 of 12 months of 2014.
– The trend throughout 2014 has been a strong price-related market. We see no signs of hypothermia in the Norwegian housing market, despite an economy that goes toward darker times, says Dreyer.
The rise of 0.3 percent (unadjusted) breaks with the tradition in recent years, has actually we have not seen unadjusted increase in prices since 2003.
In December 2013, house prices fell 0.9 percent from November, while the seasonally adjusted was up 0.2 percent.
In December 2012, house prices unchanged (compared with November 2012), while the seasonally adjusted was up 1.7 percent.
In December 2011, prices fell 1.5 percent on a monthly basis, while the seasonally adjusted was up 0.5 percent.
In December 2010, house prices fell 1.1 percent on a monthly basis, while the seasonally adjusted was up 1.0 percent.
Dreyer’s guest today in Economy News on HegnarTV. Transmission starts as usual at 15:30.
Record high housing sales
The rise coincided with a volume of 3,172 homes sold, 12 percent more than in the same month in 2013.
Throughout 2014 was 85,666 resale homes sold, 4.7 percent more than in 2013. Never before have so many existing homes were sold during a calendar year.
Average turnover came in at 48 days in December, compared with 49 days during Christmas last year.
At the end of December 9208 was active housing ads on Finn.no, 14.1 percent down from 10,725 homes one years earlier.
– It has been normal activity in both the number of sales and sales periods in the housing market in December. The low number of homes for sale resulted in a strong rise compared with the corresponding month in previous years. Demand for housing or high, which is illustrated by the fact that it has never been sold so many homes that used in 2014.
– Due to the low number of homes for sale at the entrance to 2015, we expect continued active market price increase in Q1, says Dreyer.
House prices in Stavanger developed flat in December, while the trend was strongest in Oslo and Tromso with inflation respectively. 0.3 and 0.4 percent.
All regions now have positive 12-month growth.
Stavanger weakest development by 2.4 percent, while Tromsø stand strong with a 12-month growth of 16.6 percent .
– Pricewise develop all regions of the country strongly in December. But major differences on the supply side will probably also in 2015 provide significant geographical differences in prices, says Dreyer.
OBOS prices skyrocketing
Last Friday, let OBOS off their price statistics and this showed an increase of prominent 2.2 percent from November to December.
An average square meter price of 45,709 crowns for used OBOS associated properties in the Oslo area was as much as 14.5 percent higher than during Christmas year.
OBOS director Martin Mæland explained the strong 2014 growth that we in December 2013 was at the end of a price decline.
– When prices had fallen from September to December. The price rise began in January 2014 and went steadily up throughout the year. Therefore we see the big difference between December 2013 and December 2014.
– From August 2013 to December 2014, prices have thus “only” risen by 4.9 percent, he said.
Figures from Warranty Realtor, released before the New Year, showed, however, that the average price per square meter for condominium apartments fell 1.8 percent from November to December.
An average square meter price of 29.094 million was 4.8 percent higher than in December 2013.
Read also: why should housing prices further up in 2015
Predicts 4-6 percent growth this year
Both Property Norway, OBOS and Warranty believe further rise beyond 2015.
Property Norway forecast a rise in house prices of 6.4 percent.
According to CEO Christian Dreyer Vammervold resulted the strong fall in that 2014 ended with higher prices than the average price level for the year.
– This overhang means that the average house price in 2015 is expected to be 6.4 percent above the average price level we have had in 2014, he said, according to a message before Christmas.
Property Norway justified his prognosis with low supply side at the end, combined with low interest rates, moderate housing, low unemployment and good wage growth, with the effects of oil downturn as the major damper.
OBOS think 4-5 percent price increase over the next 12 months.
– We believe inflation will continue in 2015, but far weaker than this year. Because it comes somewhat fewer completed new homes on the market next year, it will probably also get fewer existing homes for sale. This will give a certain price pressure, said OBOS director Mæland before the weekend.
CEO Stein Drog Seth Warranty Realtor think inflation which is roughly the same as in 2014 – around five percent.
– The prospect of low interest rates and continued housing shortage means that we expect inflation Also in 2015, about the same level as in 2014, he said before the New Year.
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