Price index for new detached houses, Q3 2013

National level

Quarterly. The index is usually published about 12 weeks after end of the quarter.

Not relevant

Data at the dwelling level are stored as text files on UNIX.

The purpose of the price index for new detached houses is to compile an output price index for construction activity. The index has been published since 1989 as an initiative by The Norwegian Financial Services Association (FNH).

The price index is currently financed by FNH. They use the index to regulate the insurance premium basis for residential buildings. Norwegian State Housing Bank and other financial institutions use the index to analyse and monitor price/cost changes. Statistics Norway uses the index to estimate output prices to deflate national accounts and to estimate the output of construction activities.

Principles for equal treatment

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 10 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calender

The price index for new detached houses differs from the building cost index in that it takes into account changes in productivity and profit margins.

The Statistics Act, Sections 2-1, 2-2 and 3-2

Not relevant

The population is all detached houses completed during the quarter, and the observation unit is detached houses.

The data for computing the price index are obtained from two different sources: the Norwegian cadastre and a quarterly survey. The cadastre provides information on dwellings completed during the reference period; location, utility floor space and who the owner is. Through the survey Statistics Norway collect information about prices and quality characteristics that may have an influence on the price.

Complete census

A questionnaire is distributed quarterly to all investors (final owners) of new detached houses.

The form-based survey is scanned optically. Mathematical and logical controls are incorporated in the data entry procedure. Machine control eliminates houses with very high or low square metre prices or areas. No recontact with the respondents.

The index is calculated using hedonic method with multiple regression techniques. A linear regression equation is chosen, with the price per square meter as a dependent variable. The variables used in the regression analysis correspond to characteristics that influence the price of detached houses. These comprise: utility floor space, geographic location, number of bathrooms, number of WCs, number of fireplaces, different types of self-built works, category of housing loan, ground site quality, ventilation and heating systems, sauna, central vacuum cleaner, tiled bathroom, development project, thickness of insulation, awning and main energy source. Observations from both the base year and the year before are used in the regression analysis to obtain more confident and stable estimates of the hedonic price function. The price elasticity is assumed to be constant for that period of time.

Not relevant

Not relevant

There has not been any major changes in the statistics back in time.