The house price statistics from the real estate Norway, Finn.no and Property Value showed that house prices rose 1.3 percent on a monthly basis in April.
Seasonally adjusted house prices rose 0.5 percent, DNB Markets had expected a rise of 0 , 2 percent.
Rise for 16th consecutive month
April was the 16th consecutive regardless month with seasonally adjusted rise in house prices.
– This was slightly more than what we had assumed. The housing market is characterized by very high activity, and this will continue into May, said director Christian V. Dreyer in Real Estate Norway.
The 12-month growth was 7.9 percent – unchanged from March. Oslo and Bergen shows the way respectively. 11.4 and 10.0 percent increase.
8146 homes were sold in April, 14.4 percent more than in the same month last year. So far in 2015 the number of sold up to 30,011, 13.7 percent more than in the same period last year.
– So far this year we have with solid margin new record in the number of sold homes. Although the supply side increases with several new housing projects in the market, there is great demand for properties that will be offered, continues Dreyer.
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Active Manager: – Growth will be somewhat
Admin Persistent Director Finn Magnus Rogne-Hansen Aktiv still see a low supply of housing, although the supply side increases both new and existing homes.
– However, we believe that growth will somewhat as we look at the supply side is constantly increasing – both for new and existing homes. We have a very good mission entrance in April, and believe this will stave off, he tells Hegnar.no.
Rogne-Hansen recognize that 13.7 percent more homes sold so far this year compared with the same period last year.
– This correlates well with the image of Active chain, where we see an increase of 15.4 percent compared with last year. However, there are large regional differences, and again there are big cities that have the largest pressure, while the outskirts are more normal, he says.
– Strengthens case for rate cut tomorrow
Macro Economist Marius Gonsholt Hov at Handelsbanken Capital Markets believes figures confirm that growth in house prices is clearly weaker than at the end of last year.
– In the first four months of 2015 have monthly seasonally adjusted increase varied around 0.5 percent. Through Q4 last year the growth rate was around 1.0 per cent per month, he writes in an update.
The 12-month growth of 7.9 percent, according Gonsholt Hov below Norges Bank estimated 8.4 percent on average for Q2.
– Continuing housing prices to rise 0.5 percent month through May and June, the average 12-month growth land at around 8.0 percent. If anything, this strengthens our expectations of a rate cut from Norges Bank tomorrow, he said.
Handelsbanken economist does add that today’s housing numbers were released too late to be included in the central bank’s decisions tomorrow.
– Finally, we must emphasize the uncertainty surrounding our expectations. We can not exclude the possibility that Norges Bank will wait and see until June before it cuts its key rate, he concludes.
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