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Norwegian house prices rise sequentially in November
Norwegian house prices rose sequentially in November. The trend continues to be moderate; however, positive price growth with both demand and supply at high levels. House price growth was consistent with Norges Bank’s expectations and might not impact the policy rate decision in December, noted DNB Markets in a research report.
Existing home prices rose 0.2 percent sequentially, as compared with Norges Bank’s expectations of 0.25 percent. Unadjusted prices dropped 0.8 percent and the annual growth rate rose 0.7 percentage points to 3.1 percent in November. The strongest annual growth rate was in Fredrikstad/Sarpsborg, while the softest was in Stavanger.
Home turnover was down 2.3 percent year-on-year, while homes posted for sales dropped 2.6 percent year-on-year. The number of unsold homes dropped 12.5 percent sequentially and 0.6 percent year-on-year.
“The development is in our view well in line with Norges Bank’s projections and we continue to expect the key policy rate to remain at the current level of 1.5 percent in the coming years”, added DNB Markets.