Price index for existing dwellings, Q4 2007

The overall fall in house prices was 1.0 per cent from the third to the fourth quarter 2007, which means that the house prices are now 7.3 per cent higher than in the fourth quarter of 2006.

In addition to having the highest decline in the quarter, flats also had the weakest growth from the fourth quarter of 2006 to the fourth quarter of 2007 with 2.0 per cent. Prices of row houses and detached houses have increased by 8.3 and 8.7 per cent respectively in the same period.

Sharpest decline in Oslo and Bærum

The four regional house price indices show that the average price has fallen in all regions. The decline was strongest in Oslo and Bærum with 2.7 per cent, while in Stavanger, Bergen and Trondheim the prices fell by 1.5 per cent. Prices fell for all house types in all four regions with one exception; detached houses in the region ‘rest of the country’ stayed unchanged.

Seasonal adjustment

Statistics Norway has, until further notice, decided not to publish seasonally adjusted figures for the house price index. The quarterly series have proven to be unsuited for seasonal adjustment.

Tables:

• Table 1 House price index. All dwellings. 2000=100
• Table 2 House price index. Freeholder. 2000=100
• Table 3 House price index. Housing cooperative. 2000=100
• Table 4 International comparison. Prices of detached houses. Price change the last quarter and year