Prices for used OBOS homes in Oslo rose 2.3 per cent from February to March this year.
On a national basis, prices went up by 2 per cent, writes Obos in a press release.
From January to February, the prices of used Obos homes in Oslo rose by 1.6 per cent. Nationally, prices rose by 1.4 per cent.
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Sees a change in mood
– OBOS prices tend to rise in March, and they did so this year as well. The increase was stronger than the historical average for March. We can thus state that 2024 has started with significant growth in house prices. We expected prices to rise, but an increase of 7.7 per cent so far this year in the capital and 7.8 per cent nationally was more than expected – given the many interest rate jumps we have had, says chief economist Sissel Monsvold in Obos.
She believes that the low supply of new homes may have contributed to increased demand in the second-hand market. She also points to the change in sentiment that came after Norges Bank signaled that the interest rate peak had probably been reached.
Obos prices come as usual ahead of the release of figures for the wider market. Eiendom Norge presents house price statistics for March on Thursday at 10.00.
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– Big differences
Chief economist Kyrre Knudsen at Sparebank 1 SR-Bank is surprised by the housing market so far this year:
– Although the new housing market is weak, the second-hand housing market is perhaps surprisingly good in terms of turnover, for example, he said recently in an interview with Nettavisen.
He explains that on the positive side, it is good to see that the housing market as a whole for Norway is holding up quite well, despite the interest rate jumps. Prices are also roughly at the same level as they were a year ago.
– On the slightly more negative side, we can look at those who are going to sell housing. There are very large regional differences.
House prices in Norway rose through the first part of 2023, before the trend turned downward in the autumn. Last year ended overall with an increase of 0.5 per cent. It was thus the weakest year since 2017.
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