October 6, 2022

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Housing, House Numbers |  Historic January: Home prices rose 4.8 percent

Housing, House Numbers | Historic January: Home prices rose 4.8 percent

Home prices in Norway rose 4.8 percent in January. For normal seasonal variations, it increased by 2.1 percent.

– It is common for house prices to soar in January, also known as the January effect. But Henning Lauridsen, CEO of Eiendom Norge, said in a statement that house prices had risen in January this year, the strongest in the history of housing pricing figures, and that the rise was widely rooted across the country.

Home prices have risen 6.8 percent in the past 12 months.

In Oslo, house prices rose 4.7 percent in January, up 2.9 percent from seasonal variations. Home prices have risen 4.3 percent in the past 12 months.

read more: Now the housing market has changed: – Significant bias


Strong price growth

However, strong price growth in the first month of the year was not limited to Oslo. In Bergen, home prices rose 5.7 percent from December to January, but adjusted 1.2 percent for seasonal variations.

In and around ChristianSand and Stavanger, prices rose 5.3 percent. According to the seasonal variations, it was 1.9 per cent and 1.8 per cent respectively.

In Trondheim and Tromsø, house prices were up 3.9 percent and 3.5 percent, respectively, in January, and by seasonal variations they were up 1 percent and 0.8 percent, respectively.

Over the past 12 months, Christianchand has seen a sharp increase in home prices, up 10.3 percent.

Trondheim 9.9 percent and Bergen 8.7 percent. In Stavanger and surrounding areas, home prices have risen 8.6 percent in the past 12 months, while in Tromsø they have risen 7 percent.

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read more: Wallets for property on the western edge of Oslo

New Housing Act

– The home market should see strong growth related to the supply side, says Laritson.

An amendment to the law that came into force from the beginning of the year It has created disruptions in the housing market across the country, leading to fewer homes in the market, Laritson points out.

– New conditional reports need to be made for homes coming up for sale from 2021, especially during the run-in phase, as it will take longer to produce new conditional reports. In addition, some architects may have left the industry. Due to the new rules and more responsibility, he says.

In a press release on Tuesday, Derby Bros., CEO of DNB Eiendom, explained how the new housing law affected sales in January.

Among other things, Bros. believes the new law is the most important reason for the release of small homes after the New Year. According to the DNB, January sales were approximately 25 percent lower than normal.

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– Expected

Carl O. Kiev, CEO of the Norwegian Real Estate Association, was not surprised by strong housing price growth in January.

– Against the backdrop of historically strong demand and record sales of homes, the market is characterized by less supply than normal for the season, he says in a comment to Nettavisen.

– At the end of 2021 the inventory was almost at the bottom, and he pointed out that higher turnover levels in 2022 can not be expected.

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In Oslo in particular, Kieving believes the supply side contributed to stronger-than-expected January price increases.

He says price growth will be very moderate by 2022.

Multiple interest rate increases

However, Kjersti Haugland, chief economist at DNB Markets, hopes that Norges Bank’s real and expected interest rate hike will curb inflation and lead to moderate housing price growth in 2022.

– We estimate that the monthly increase will be 0.2 percent in line with seasonal variations throughout 2022, said Kersty Hawkland, chief economist at DNP Markets, in a statement on Tuesday.

– Since the transition to a new payment system has contributed to the fact that there are currently few homes on the market, we recognize that January growth may be slightly higher than this. In that case, it is a question of relatively short-term effect.

If the DNB markets are right, the core policy rate will be up to 2 percent by the summer of 2023The highest level since 2011 in that case.

Meglerhuset forecasts 0.25 percentage points this year and a two-fold rate hike in the first half of 2023.

Obos prices increased

This week’s full housing market figures alone are not clear.

Prices for Obos apartments were known on Tuesday, and used Obos apartments in Oslo rose 6.9 percent from December to January, almost on a national basis.

On average, the price of opossum increased by 3.5 percent in January from 2004 to 2021.