DNB Markets quotes a sharp drop in real estate prices

Current property price statistics from Property Norway, Finn.no and Property Value show that house prices fell by 1.0% in June

Adjusted for seasonal variations, housing prices remained unchanged. Seasonally adjusted growth of 0.5% and 0.8%

House prices fell in all regions of Norway in June, but the number of transactions was record.

– The number of recorded sales is the highest ever recorded.

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Cancel strong fall

DNB Markets reports that its own expectations were in excess.

– Unilateral developments in June are in line with our view that the recent rise in home prices is expected to be short-lived, even though we expected a small, seasonally adjusted growth. An increase in the supply of new homes, a rise in interest rates in September and low population growth are expected to slow down inflation in the future, but the macroeconomic outlook is generally very positive. , says macroeconomist Jeanette Strøm Fjære in an update

– The price of housing today does not change our opinion on a rise in interest rates of Norges Bank in September, she adds

– A well-known story

Handelsbanken did not surprise the June statistics, given the signals of real estate agents and not least Obos figures.

– More fundamentally, we argued that the recent spirals of April and May prices would not be extended, writes senior economist Marius Gonsholt Hov in a so-called "solid commentary".

It then follows briefly the story "should be well known now": The completion of new housing is rising, population growth is down sharply due to the decline in immigration and, more importantly, higher mortgage rate expectations are high.

– Most believe Norges Bank raises its key rate in September June housing prices were slightly below Norges Bank's forecast , the central bank's estimates being near-term closer to 0.3-0.4% .In addition, Norges Bank estimates that growth is down to 0.1-0.2 percent on a monthly basis, senior economist writes

– However, the expected gap in June was insignificant since monthly housing prices are volatile.The result is that housing prices have moderated, which should be well received , he concludes.