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House prices up 0.7 per cent
statistikk
2003-08-20T10:00:00.000Z
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, Q2 2003

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House prices up 0.7 per cent

House prices increased by 0.7 per cent from the first to the second quarter of 2003. Compared with the second quarter of 2002, prices decreased by 1.1 per cent.

In Oslo and Bærum and the rest of Akershus, prices decreased by 1.0 and 0.4 per cent respectively, from the first to the second quarter of 2003. In Stavanger, Bergen and Trondheim and the rest of the country, prices increased by 0.4 and 1.7 per cent, during the same period of time. Dwellings in housing cooperatives increased by 1.4 per cent during the last quarter, while prices of freeholder dwellings increased by 0.6 per cent, from the first to the second quarter this year.

Prices of flats down in Oslo and Akershus

Prices of flats fell by 1.4 per cent on average, from the first to the second quarter of 2003. In Oslo and Bærum and the rest of Akershus, prices of flats decreased by 2.5 and 1.4 per cent respectively. In Stavanger, Bergen and Trondheim and the rest of the country, prices of flats increased by 0.2 and 1.6 per cent during the same period. Prices of detached houses and row houses, increased by 1.2 and 1.0 per cent during the last quarter.

Prices down 5.2 per cent in Oslo and Bærum the last year

From the second quarter of 2002 to the second quarter of 2003, house prices decreased by 5.2 per cent in Oslo and Bærum. Prices of detached houses fell the most, by 7.0 per cent, while prices of row houses and flats, decreased by 3.2 and 5.1 per cent respectively. In the rest of Akershus and Stavanger, Bergen and Trondheim, prices increased by 0.2 and 3.1 per cent the last year. In the rest of the country, prices fell by 0.7 per cent during the same period. Prices of freeholder dwellings decreased by 1.3 per cent from the second quarter of 2002 to the second quarter of 2003. Prices of dwellings in housing cooperatives remained unchanged during the same period of time.

A total of 13 814 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.

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