Housing prices slid but market still strong

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Prices for residential property in Norway were down an average 1.1 percent in July, but economists don’t see any negative trend. Prices rose in Oslo, Bergen and in Western Norway as a whole.

“We were prepared for weaker residential price development in July,” Marius Gonsholt Hov, senior economist for Handelsbanken Capital Markets, told newspaper Dagens Næringsliv (DN). That’s because prices have been “a bit stronger” than what offers and demand would suggest over the past few months.

Since prices rose in both May and June, he and other analysts think the overall trend remains “moderate positive.” The brokers’ study also noted that prices were up 1.6 percent over the same month last year.

Prices fell the most in Drammen, Fredrikstad, Tønsberg and Porsgrunn/Skien, where they were down around 3 percent from June. The average price per square meter nationwide landed at NOK 42,361.

newsinenglish.no staff