Never before have there been so many unsold homes on the market in Norway, nearly 20,000 not including those developers are trying to sell in new projects coming online. Prices also fell around 1 percent last month, but remain 2.6 percent higher so far this year.
The real estate brokers’ association Eiendom Norge reported last week that a total of 19,944 homes on the market remained unsold at the end of October. That’s the highest number since the organization started charting sales in January 2009.
“The supply of homes on offer is high now, but the number of new homes coming on the market is declining,” said Henning Lauridsen, managing director of Eiendom Norge. It took an average of 41 days to sell a house in October, up from 40 in September.
Lauridsen said he and his colleagues expect the numbers of unsold homes will fall during the next few months, even though mortgage rates may rise again in December. He’s most concerned about the halt in construction of new homes, as Norway’s economy cools down.