Price index for existing dwellings, Q2 2008

Overall the house prices increased by 0.6 per cent from the second quarter of 2007 to the second quarter of 2008. Oslo and Bærum saw a decline in the house prices by 3.8 per cent this period, and in Bergen, Trondheim and Stavanger the decline was 1.2 per cent in average. In the same period the house prices in Akershus and the rest of the country increased by 3.1 and 2.4 per cent respectively. The price development in the cities is affected by the decrease in prices of flats in apartment blocs by 5.8 per cent in Oslo and Bærum and by 4.1 per cent in the other large cities.

Price decline for row houses in the second quarter

Row houses decreased by 0.1 per cent from the first to the second quarter this year, while detached houses and flats in apartment blocs increased by 1.8 and 0.3 per cent respectively. In average the house prices increased by 1.1 per cent from the first to the second quarter 2008.

Nordic comparison

In order to compare the price development between the Nordic countries, we have to look at the fourth quarter of 2007. At that time, the prices of detached houses in Sweden increased by 11.3 per cent compared with the same quarter in 2006. In Denmark and Norway prices of detached houses increased by respectively 0.3 and 8.7 per cent this period.

A total of 21 154 house sales are used in the index computation for the second quarter of 2008.

Tables:

• Table 1 House price index. All dwellings. 2000=100
• Table 2 House price index. Freeholder. 2000=100
• Table 3 House price index. Housing cooperative. 2000=100
• Table 4 International comparison. Prices of detached houses. Price change the last quarter and year