(Hegnar.no): Fresh figures from Real Estate Norway, Real Estate Value and Finn.no show that house prices in Norway rose by 0.2 percent in July.
This is the largest increase in July since 2009 and seasonally adjusted house prices rose by 1.0 percent.
All-time high
House prices are now 8.8 percent higher than the same month last year, and housing prices in Norway has never been higher.
It is far above Norges Bank’s projections for Q3, at 7.3 percent, and in addition, well over the estimate for inflation in the 4th quarter of 7.5 percent.
-Boligprisutviklingen in July has been strong and driven by a sharp rise to July being particularly Oslo and Trondheim. In most of the country’s other regions there is a decline in housing prices, which is normal for the month, says CEO. Dir. Christian Vammervold Dreyer in Real Estate Norway.
Chalet cost averaging 6.3 percent more than last year at the same time, while detached houses on average cost 5.2 percent more than last year.
Apartments cost averaging 10.5 percent more in July this year than in July last year.
Up to 15 per cent in Oslo
the greatest increase had Oslo and Trondheim, respectively 1, 8 and 1.0 percent. The last 12 months have housing prices here rose by respectively 15.2 and 12.3 percent.
Dreyer says upturn in Oslo is the strongest since Property Norway started measurements in 2003 and that the rise in some places up to 17 percent.
– House price inflation in Oslo in July’s record high of over two percent the central districts. The low supply side in eastern and Oslo in particular suggests that house prices here will continue throughout the autumn. It is gratifying that housing starts for new homes showed an increase, but it is important that municipalities in densely populated areas is conscious of its role as regulator of the housing market and facilitates effective planning processes, says Dreyer.
In Bergen prices rose by 0.5 percent, while those in Tromso was unchanged in July. Over the past year, house prices here up respectively 4.0 and 5.0 percent.
Slight Stavanger
The weakest growth was achieved in Stavanger and Krisistiansand, where house prices fell respectively 0.6 and 0.5 percent. The past 12 months, house prices in Stavanger dropped 6.3 percent, while those in Kristiansand is up 3.3 percent.
It took an average of 51 days to sell a home in July, up from 47 days in July 2015, but even here there are regional differences. In Oslo, it took 20, down from 21 days last year.
In Stavanger took it however 130 days, up from 58 days last year.
Fewer homes for sale
it was sold 3,642 existing homes in July, which was 11.0 percent fewer than in July 2015 and the lowest in 10 years in July.
So far this year it sold 5.8 percent fewer homes than the same period in 2015. the sales volume this year is still higher than in the preceding eight years.
Dreyer explains partly that there have been fewer homes for sale and that in addition, few homes in the market, especially in Oslo and the central Eastern Norway. At the end of July, for example, only 600 houses for sale in Oslo.
– We are entering in August with everything, everything, everything for small stock reserve, he says .
at the end of July, a total of 10,382 homes for sale in Norway, which is 8.9 percent fewer than one years ago.
Obos up 21 percent
Figures from OBOS shows that the average home in the Oslo area cost 59,318 kroner per square meter in July, representing an increase of as much 5.9 percent from June .
the price increase so far this year in violent 20.9 percent, which means that prices are rising faster than before .
Since July 2015, prices have risen 17.6 percent, which means that the annual coming up from 15.6 percent in June.
– the main reason for the violent inflation is that there are too few devices in the market. This pushes up prices in all price segments, says OBOS-chief Daniel Kjørberg Siraj comments.
OBOS repeats itself
He repeats once again that the number of houses in the market must be increased.
– If the industry is allowed to build more homes, it will not be a “quick-fix” that solves everything overnight. But it will be the most important instrument to avoid further escalating house prices. I hope and believe policy makers at the municipal and state level have been joined this message, and we come to see measures that can help to increase housing construction and ensure people a roof over your head, says the OBOS boss.
Background figures show that another cause of inflation is fewer homes sold in the market – and that smaller housing now accounts for a larger share of total revenues.
– It is apparent that the market needs more smaller apartments in Oslo. The politicians in Oslo should therefore open for the construction of several smaller units in central areas, says Kjørberg Siraj.
On a national scale came the average price per square meter of used Obos-affiliated housing onto 52 275 million in July, up 4.4 percent from June and 14.6 percent from the same month last year.
the statistics are based on 482 ownership changes in OBOS in July, compared with 1,015 in June and 485 in July 2015.
Cooper land around
prices of cooperative apartments in Norway outside, OBOS was 3.2 percent higher in July 2016 than in the previous month.
the average price per square meter for condominium apartments were at 36,016 million in July 2016, while the corresponding figure in June 2016 was at 34,898 crowns.
over the past 12 months, prices have risen by 10 , 8 percent. 12 months ago, the average square meter price of condominium apartments 32511 million.
-After a correction last month prices rise in July. The price rise this month is stronger than in the corresponding month in recent years. Developments so far this year has been very good, with an increase of almost nine percent, said Managing. Director Stein Drogseth in Warranty Realtor Monday.
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