House prices down 0.4 per cent

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The prices for existing dwellings decreased in many regions in the second quarter of 2017. The largest fall was in the Oslo region and the southern parts of Norway, according to seasonally adjusted figures.

 

House prices had the strongest decrease in Oslo and Bærum and in Agder and Rogaland excluding Stavanger, by 1.5 and 1.4 per cent respectively. In the other cities, house prices increased. Stavanger had the strongest price growth by 1.3 per cent, while Bergen and Trondheim saw an increase of 0.5 and 0.1 per cent respectively.

While prices of small houses increased by 0.4 per cent in the second quarter of 2017, prices of flats in blocks and detached houses fell by 1.7 and 1.0 per cent respectively, adjusted for seasonal variations.

 

Figure 1. Price for existing dwellings by house type. 1st quarter 1992 = 100

Detached houses Row houses Multidwelling houses
Q1-1992 100.0 100.0 100.0
Q2-1992 100.9 100.9 101.4
Q3-1992 101.8 101.3 102.0
Q4-1992 99.8 95.2 99.2
Q1-1993 95.0 93.2 95.3
Q2-1993 100.7 98.2 99.7
Q3-1993 104.4 101.8 104.7
Q4-1993 105.7 105.0 112.3
Q1-1994 107.4 107.7 117.6
Q2-1994 109.6 114.3 122.3
Q3-1994 114.7 119.1 124.6
Q4-1994 116.2 118.2 122.1
Q1-1995 116.8 118.4 122.1
Q2-1995 121.7 123.2 126.5
Q3-1995 123.8 124.3 129.3
Q4-1995 122.7 127.6 131.0
Q1-1996 124.3 127.6 135.2
Q2-1996 129.8 134.0 143.9
Q3-1996 133.0 136.6 146.4
Q4-1996 135.0 138.4 153.9
Q1-1997 133.9 142.8 161.7
Q2-1997 144.2 152.6 171.5
Q3-1997 145.3 153.9 171.8
Q4-1997 145.7 154.4 177.1
Q1-1998 146.6 166.7 192.5
Q2-1998 156.7 175.0 203.6
Q3-1998 156.4 171.5 201.4
Q4-1998 151.7 167.5 195.3
Q1-1999 155.6 174.3 209.2
Q2-1999 166.5 188.4 228.8
Q3-1999 166.5 192.5 239.9
Q4-1999 170.5 202.2 248.9
Q1-2000 175.5 210.7 277.7
Q2-2000 189.9 227.4 286.6
Q3-2000 184.3 219.1 280.4
Q4-2000 186.9 220.0 272.6
Q1-2001 190.1 225.9 293.0
Q2-2001 200.9 236.4 301.1
Q3-2001 199.8 235.3 305.3
Q4-2001 197.8 234.0 305.9
Q1-2002 201.8 242.3 322.3
Q2-2002 210.7 248.9 329.6
Q3-2002 199.6 247.6 328.8
Q4-2002 199.4 244.1 323.2
Q1-2003 205.3 246.9 328.2
Q2-2003 207.7 249.3 323.5
Q3-2003 205.3 250.2 333.2
Q4-2003 206.1 254.8 345.3
Q1-2004 224.5 266.9 362.3
Q2-2004 227.3 275.0 365.4
Q3-2004 225.8 278.5 375.1
Q4-2004 227.1 282.2 383.2
Q1-2005 236.6 295.4 396.0
Q2-2005 245.9 301.6 397.6
Q3-2005 246.3 304.0 409.3
Q4-2005 244.6 307.8 414.4
Q1-2006 259.5 327.0 440.0
Q2-2006 273.4 342.9 457.4
Q3-2006 279.4 353.8 486.2
Q4-2006 282.1 358.2 495.2
Q1-2007 299.9 385.1 519.5
Q2-2007 316.1 395.5 523.4
Q3-2007 314.5 397.2 524.4
Q4-2007 309.2 389.5 502.4
Q1-2008 318.1 400.8 505.6
Q2-2008 325.9 397.7 505.7
Q3-2008 313.5 384.5 493.8
Q4-2008 292.7 357.2 454.5
Q1-2009 302.5 373.0 482.3
Q2-2009 319.8 389.5 506.2
Q3-2009 322.2 399.2 526.0
Q4-2009 321.2 401.9 527.2
Q1-2010 333.9 416.7 535.3
Q2-2010 349.2 428.8 547.1
Q3-2010 343.2 432.4 554.3
Q4-2010 341.9 433.0 556.0
Q1-2011 359.0 454.5 587.5
Q2-2011 371.9 462.1 598.8
Q3-2011 369.2 465.7 614.6
Q4-2011 366.3 465.4 616.6
Q1-2012 378.4 483.5 637.6
Q2-2012 393.3 493.8 653.4
Q3-2012 392.8 496.5 672.0
Q4-2012 387.9 497.1 670.0
Q1-2013 399.6 514.9 689.8
Q2-2013 415.2 520.4 697.9
Q3-2013 404.7 513.7 691.8
Q4-2013 393.5 505.9 664.3
Q1-2014 403.0 517.7 680.5
Q2-2014 422.2 525.5 704.7
Q3-2014 419.8 528.2 715.7
Q4-2014 415.7 524.6 720.5
Q1-2015 427.1 548.8 757.3
Q2-2015 444.4 562.7 772.7
Q3-2015 441.0 558.5 779.5
Q4-2015 429.1 552.7 772.7
Q1-2016 444.9 573.9 803.0
Q2-2016 463.6 593.2 837.8
Q3-2016 465.6 608.9 878.2
Q4-2016 461.7 607.4 895.6
Q1-2017 478.3 631.1 932.3
Q2-2017 489.6 637.2 918.4

Continued strong annual growth in the Oslo region

Following record high annual growth in Oslo by over 20 per cent, the price increase for existing dwellings was 13.0 per cent in the second quarter of 2017. Akershus follows by a growth rate of 12.4 per cent. The weakest price growth compared to the second quarter of 2016 was in Agder and Rogaland, and in Trøndelag, excluding the cities of the regions, with 0.2 and 1.9 per cent respectively.

Figure 2. Price for existing dwellings. Change compared with the same quarter of the previous year

Oslo and Bærum Stavanger Bergen Trondheim
Q1-2006 10.4 17.7 14.5 9.7
Q2-2006 14.5 23.2 15.8 11.4
Q3-2006 17.7 29.1 18.1 11.5
Q4-2006 18.4 30.5 21.7 12.4
Q1-2007 19.0 29.1 17.5 10.6
Q2-2007 14.8 21.6 13.0 9.1
Q3-2007 8.8 17.8 5.3 7.0
Q4-2007 3.3 12.6 -0.1 1.9
Q1-2008 -1.6 6.6 -5.5 -1.3
Q2-2008 -2.3 5.7 -5.0 -0.2
Q3-2008 -4.8 -1.4 -9.9 -4.7
Q4-2008 -9.1 -7.0 -12.5 -6.9
Q1-2009 -6.5 -7.8 -9.7 -4.4
Q2-2009 -0.6 -5.2 -5.1 -3.1
Q3-2009 6.6 3.3 6.5 3.9
Q4-2009 15.2 15.2 13.9 13.9
Q1-2010 12.7 18.2 13.8 14.5
Q2-2010 8.9 16.8 14.6 11.6
Q3-2010 6.1 14.1 9.3 12.5
Q4-2010 6.7 9.5 9.0 9.1
Q1-2011 10.9 10.4 12.2 9.2
Q2-2011 9.7 9.6 7.4 12.4
Q3-2011 9.7 9.2 8.8 10.0
Q4-2011 9.4 9.0 10.9 12.4
Q1-2012 7.0 5.6 7.9 8.0
Q2-2012 8.1 7.8 5.8 8.5
Q3-2012 9.1 9.6 6.5 9.2
Q4-2012 8.3 7.2 5.3 7.9
Q1-2013 7.9 7.4 4.6 11.5
Q2-2013 5.3 4.5 9.8 6.3
Q3-2013 0.7 -0.3 6.4 5.0
Q4-2013 -1.2 -1.8 1.3 1.0
Q1-2014 -2.4 -5.5 2.8 -1.1
Q2-2014 1.1 -1.9 1.0 4.2
Q3-2014 4.5 -0.9 4.9 2.5
Q4-2014 8.3 1.0 9.1 7.4
Q1-2015 11.9 2.0 8.5 6.5
Q2-2015 10.0 -3.7 10.1 5.7
Q3-2015 10.3 -5.3 7.4 7.1
Q4-2015 9.2 -8.1 4.5 3.5
Q1-2016 9.4 -10.2 1.0 6.5
Q2-2016 12.7 -7.8 -0.3 4.7
Q3-2016 17.9 -5.4 -0.3 7.4
Q4-2016 21.7 0.4 3.2 9.1
Q1-2017 21.1 5.4 4.5 7.4
Q2-2017 13.0 6.9 4.0 6.2

Flats in blocks had strongest annual price rise

Among the dwelling types, flats in blocks had the highest annual price increase: 9.7 per cent compared to the same quarter last year. In Akershus excluding Bærum, the prices of flats in blocks increased by 15.0 per cent compared to the second quarter of 2016. Accordingly, the growth in Hedmark and Oppland was 13.1 per cent.

The price of small houses and detached houses increased by 7.4 and 5.5 per cent respectively from the second quarter of 2016.

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