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Sunday, May 26, 2024

Surprise jump in housing prices

Real estate officials seemed as surprised as everyone else, when they analyzed new average prices for March and found them to be up by 5.9 percent over the same month last year. More potential buyers have also been turning up at open house showings and sales are picking up.

The real estate brokers’ organization Eiendom Norge reports suddenly “strong development” in the first quarter, with sales activity “surpassing what we all expected at the beginning of the year.” The organization’s leader, Henning Lauridsen, thinks it’s hinged to new expectations that interest rates will fall later this year.

Housing prices are widely expected to keep rising, especially in areas where new home construction activity is low. Demand can once against outpace supply in what’s been a sluggish real estate market, characterized by some open houses where no one turns up.

The average price for a home in Norway landed at NOK 4.58 million in March, according to Eiendom Norge.

NewsinEnglish.no staff

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