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28593
Increase in house prices first quarter
statistikk
2009-05-27T10:00:00.000Z
Prices and price indices;Construction, housing and property
en
bpi, Price index for existing dwellings, price development, house prices, detached houses, town houses, blocks of flats, housing cooperatives, homeowner, price per square metre, house salesDwelling and housing conditions , House prices and house price indices , Construction, housing and property, Prices and price indices
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Price index for existing dwellings, Q1 2009

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Increase in house prices first quarter

House prices increased by 4.1 per cent from the fourth quarter 2008 to the first quarter 2009. The rice in prices follows a few quarters with declining house prices. The house type that increased the most was flats in blocks.

House price index by house type. 1st quarter 2009 = 100

While flats in blocks became 6.1 per cent more expensive between the fourth quarter last year to the first quarter this year, the prices of detached houses and row houses increased by 3.3 and 4.4 per cent respectively. All house types have experienced a fall in prices since the first quarter of 2008.

House price index. Change in per cent
  4th quarter 2008-
1st quarter 2009 		1st quarter 2008-
1st quarter 2009
Total 4.1 -5.3
Oslo incl. Bærum 4.1 -6.5
Stavanger 1.7 -7.8
Bergen 3.9 -9.7
Trondheim 5.0 -4.4
Akershus excl. Bærum 5.5 -6.2
South Eastern Norway 3.1 -4.6
Hedmark and Oppland 5.0 -2.0
Agder and Rogaland excl. Stavanger 4.7 -4.4
Western Norway excl. Bergen 5.2 -0.8
Trøndelag excl. Trondheim 6.8 -4.5
Northern Norway 2.5 -7.6

Sharpest increase in Trøndelag

The price development in Norway varies between the different regions. Trøndelag excluding Trondheim had the strongest increase in the first quarter of 2009, with 6.8 per cent. Among the larger cities, Trondheim had the strongest rise in house prices by 5 per cent. Stavanger was the region with the lowest price growth, at 1.7 per cent.

Nordic comparison

From the first quarter of 1992 to the fourth quarter of 2008, the prices of detached houses in Norway increased by 193 per cent. The corresponding increase in Denmark and Sweden is 194 and 135 per cent respectively. From the third to the fourth quarter of 2008, house prices decreased in Denmark, Sweden and Norway. The decrease was sharpest in Denmark by 8 per cent and weakest in Sweden where the detached houses became 3 per cent less expensive.

House price index for detached houses in Norway, Sweden and Denmark. 1st quarter 2009 = 100

Revised calculation model

As from 2009, the house price index is solely based on data from Finn.no. The number of indices is expanded to include 11 regions, of which four are cities. There are no longer separate indices for cooperative and freeholder houses. The tenure status is instead included as an explanatory variable in the regression equations. The regression equations, used in the index calculations, are expanded by more price zones in all the regions. In addition, new explanatory variables are used: the construction year of the house, if it is situated in a sparsely or densely populated area and centrality of the municipality. The value of the housing stock is used as weights to calculate the total indices for the country, regions, cities and house types. (This method of weighting has been in use since 2002.)

Changes in publication

New figures are calculated back to 2005 and the indices are now published with 2005 = 100. With some exceptions, indices for all three house types are published, including a total index for all regions. The exceptions are Hedmark and Oppland, Trøndelag excluding Trondheim and North of Norway. For these regions, the index for row houses is not published due to the small number of sales and thus a high degree of uncertainty.

The timeliness of the statistics will be improved. Publication is planned to take place approximately 15 days after the end of the relevant quarter. Average square metre prices will still be published for both freeholder and cooperative houses.

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

A total of 14 492 house sales are used in the index computation for the first quarter of 2009.

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