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NORWAY: Existing Home Price Growth Slightly Above Norges Bank Forecast In Sep

NORWAY
CEEMEABulletNorwayGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

The Norwegian secondary housing market continues to show resilience against a backdrop of restrictive Norges Bank monetary policy, benefitting from weak supply dynamics in the new home market.

  • Existing house prices rose 0.4% M/M on a seasonally adjusted basis in September and 4.1% Y/Y (vs 3.3% prior). Norges Bank had forecasted a 0.3% M/M outturn in the September MPR.
  • Eiendom Norge notes that turnover volume remains strong, and that “if this rate continues, 2024 will be a year with record volumes in the used market”.
  • New home supply has been restricted by high construction costs and interest rates, and Norges Bank expects prices for existing homes to continue rising “on the back of a low supply of new homes, increased household purchasing power and lower residential mortgage rates”.

 

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The Norwegian secondary housing market continues to show resilience against a backdrop of restrictive Norges Bank monetary policy, benefitting from weak supply dynamics in the new home market.

  • Existing house prices rose 0.4% M/M on a seasonally adjusted basis in September and 4.1% Y/Y (vs 3.3% prior). Norges Bank had forecasted a 0.3% M/M outturn in the September MPR.
  • Eiendom Norge notes that turnover volume remains strong, and that “if this rate continues, 2024 will be a year with record volumes in the used market”.
  • New home supply has been restricted by high construction costs and interest rates, and Norges Bank expects prices for existing homes to continue rising “on the back of a low supply of new homes, increased household purchasing power and lower residential mortgage rates”.