There were more signs this week that Norway’s high housing prices may finally be flattening out. Average prices in October fell slightly for the second month in a row, not by much but enough to spark speculation that the hot real estate market is indeed cooling off.
The national real estate brokers’ association reported a 0.4 percent fall from September in average prices for single-family homes and multi-family dwellings. Brokers still think overall prices will rise by another 7-8 percent this year, with prices up 7.6 percent from October of last year.
Activity remains high but there are fewer properties on the market, the brokers reported. “I think sellers should expect to have more showings and that it will take more time to sell properties in the months ahead,” Leif J Laugen of the association (Eiendomsmeglerforetakenes Forening) told news bureau NTB.