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28574
House prices slightly down
statistikk
2003-10-29T10:00:00.000Z
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, Q3 2003

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House prices slightly down

House prices decreased by 0.2 per cent from the second to the third quarter of 2003. Prices increased by 2.2 per cent compared with the third quarter of 2002,.

Prices of dwellings in housing cooperatives increased by 0.7 per cent during the last quarter, while prices of freeholder dwellings decreased by 0.4 per cent. In Oslo and Bærum and the rest of Akershus, prices increased by 2.4 and 0.5 per cent respectively, from the second to the third quarter of 2003. In Stavanger, Bergen and Trondheim prices increased by 2.0 per cent during the same period, while prices in the rest of the country decreased by 1.8 per cent.

Prices of flats increased the most

Prices of flats increased by 3.0 per cent on average, from the second to the third quarter this year. Flat prices increased the most in Oslo and Bærum, and Stavanger, Bergen and Trondheim, by 3.9 and 3.0 per cent respectively. In the rest of Akershus, prices of flats increased by 2.7 per cent from the second to the third quarter of 2003. In the rest of the country, prices of flats decreased by 0.7 per cent during the last quarter. In comparison, prices of row houses increased by 0.4 per cent, and prices of detached houses decreased by 1.2 per cent during the same period of time.

Prices up 5.7 per cent in Stavanger, Bergen and Trondheim

House prices increased by 5.7 per cent in Stavanger, Bergen and Trondheim from the third quarter of 2002 to the third quarter of 2003. Prices of detached houses in this price zone increased the most, by 6.2 per cent, while prices of row houses and flats, increased by 5.1 and 5.9 per cent respectively. In comparison, prices decreased by 1.1 per cent in Oslo and Bærum the last year. In Akershus - exclusive Bærum and the rest of the country -, prices increased by 0.5 and 3.1 per cent.

Prices of freeholder dwellings and dwellings in housing cooperatives, increased by 2.3 and 1.6 per cent respectively during the last year.

A total of 13,560 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 FINN.no (freeholder) through cooperation with the Norwegian Association of Real Estate Agents (NEF) and the Association of Real Estate Undertakings (EFF). The Norwegian Federation of Cooperative Housing Associations (NBBL) provides data for cooperative housing. 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. We have calculated numbers back to the first quarter of 2002, using the new method.

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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