28578_not-searchable
/en/priser-og-prisindekser/statistikker/bpi/arkiv
28578
New house price index
statistikk
2003-07-09T10:00:00.000Z
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
false

Price index for existing dwellings, Q1 2003

Content

Published:

This is an archived release.

Go to latest release

New house price index

The new house price index from Statistics Norway includes both freeholder dwellings and housing cooperatives. The purpose of the new index is to monitor the development in prices on the housing market as a whole. From the first quarter of 2002 to the first quarter of 2003, house prices increased by 1.8 per cent on average.

House price index. 2000=1000

Prices down in Oslo and Bærum last year

In Oslo and Bærum the prices decreased by 1.3 per cent. In comparison, prices increased by 8.7 per cent in Stavanger, Bergen and Trondheim during the same period of time. In Akershus exclusive Bærum and the rest of the country, prices rose by 3.5 and 1.2 percent respectively the last year. Freeholder dwellings increased by 1.7 per cent from the first quarter of 2002 to the first quarter of 2003, while dwellings in housing cooperatives increased by 2.2 per cent. Differences were small among the different house types. Detached houses, row houses and flats increased by 1.7, 1.9 and 1.8 per cent respectively during the last year.

Prices up from the 4th quarter 2002 to the 1st quarter 2003

House prices decreased in the two last quarters of 2002, but increased by 2.3 per cent from the fourth quarter of 2002 to the first quarter of 2003. Prices of freeholder dwellings increased the most, by 2.6 per cent. Dwellings in housing cooperatives increased by 0.8 per cent during the same period of time. Prices of detached houses rose by 3.0 per cent, while row houses and flats increased by 1.2 and 1.6 per cent respectively from the fourth quarter of 2002 to the first quarter of 2003.

Prices increased the least in Oslo and Bærum, by 0.5 per cent. In Akershus exclusive Bærum, and Stavanger, Bergen and Trondheim, prices increased by 2.0 and 2.8 per cent respectively. The rest of the country had a price growth of 3.1 per cent from the fourth quarter of 2002 to the first quarter of 2003.

Useful floor space used in the calculation of prices per square meter

Average price per square meter is calculated using the useful floor space. Earlier, Statistics Norway used the utility floor space in these calculations. Consequently, the new numbers are higher, and not directly comparable to the old ones. Useful floor space is used in calculations from the first quarter of 2002.

Oslo has the highest prices per square meter in Norway. The average price per square meter for flats in Oslo, was NOK 24 607 in the first quarter of 2003. Corresponding prices for detached houses and row houses in Oslo, was NOK 19 886 and NOK 18 886. The lowest priced detached houses could be found in Nord-Trøndelag. Here, the average price was NOK 7 132. Other counties with prices per square meter below NOK 8 500, in the first quarter of 2003, were Finnmark, Oppland, Telemark and Møre og Romsdal.

A total of 11 117 sales are used in the calculation of the price index.

New methods of data collection

Until now, data for the index has been collected directly from all purchasers of used dwellings. The collected information was combined with data from a central register. The new house price index is based on data from the Norwegian Association of Real Estate Agents (NEF), the Association of Real Estate Undertakings (EFF) and the Norwegian Federation of Cooperative Housing Associations (NBBL). NEF and EFF get their data from the database of FINN.no. In doing this, the index can be published earlier. Moreover, a higher number of sales will be included in the calculation of the index. In addition to separate tables for freeholder and cooperative housing, a table that encompass both types of ownership, is included. Numbers using the new method, are calculated from the first quarter of 2002.

Weighing of the index

Until the fourth quarter of 2001, the price indices for used dwellings were weighed, using the number of dwellings of each type in each of the geographical zones. Beginning the first quarter of 2002, the indices are weighed using the estimated total value of the housing stock, within each combination of house type and price zone. The estimates are calculated by multiplying the average prices with the number of houses in these zones.

Tables: