Price index for existing dwellings, Q4 2008

Row houses had the sharpest decline in price from the third to the fourth quarter of 2008, by 7.2 per cent, while the price of flats in apartment blocks and detached houses decreased by 6.6 and 5.7 per cent respectively.

Akershus, excluding Bærum, had the largest decline in house prices from the third to the fourth quarter, by 8.9 per cent. The prices of detached houses and row houses decreased by 9.6 and 8.2 per cent respectively in this region.

The prices of cooperative houses and freeholder houses fell on average by 6.9 and 6.1 per cent respectively from the third to the forth quarter last year.

Nordic comparison

From the first quarter of 1992 to the first quarter of 2008, the prices for detached houses in Norway increased by 216 per cent. During these 16 years, the corresponding increase in Denmark and Sweden is 225 and 136 per cent respectively. From the first to the second quarter of 2008 house prices in Denmark decreased, while the increase continued in Norway and Sweden. Prices in Sweden continued to increase from the second to the third quarter, whereas detached houses in Norway became 6 per cent less expensive during this period.

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

A total of 10 522 house sales are used in the index computation for the fourth 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