Price index for existing dwellings, Q3 2008

Overall the house prices declined by 4.5 per cent from the second to the third quarter of 2008, which means that the house prices are now 2.4 per cent lower than in the third quarter last year. Flats in apartment blocs had the highest decline since the third quarter last year, with 5.4 per cent. In the same period, the price of row houses and detached houses decreased by 2.9 and 1.2 per cent, respectively.

Sharpest decline in the large cities

In Oslo and Bærum the house prices fell by 4.3 per cent from the third quarter last year to the third quarter this year, while the house prices in Stavanger, Bergen and Trondheim in average fell by 6.3 per cent in the same period. In Akershus except Bærum and in the rest of the country the total average house prices declined by 0.8 per cent.

Nordic comparison

In order to compare the recent price development for detached houses between the Nordic countries, we have to look at the first quarter of 2008. At that time detached houses in Sweden cost 9 per cent more than they did the same quarter in 2007, while the prices of detached houses in Norway had increased by 5.1 per cent. In Denmark, however, the prices of detached houses had decreased by 1.9 per cent this period.

From the bottom level in 1992/93 to the first quarter of 2008 the prices of detached houses in Denmark and Norway have increased by more than 200 per cent, while the prices in Sweden have increased by 136 percent.

Average square meter prices and the complete time series can be found in the StatBank .

A total of 14 542 house sales are used in the index computation for the third quarter of 2008.

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