Norwegian house price continued to climb in December to close the strongest year for the housing market in four years, survey data from Real Estate Norway showed Wednesday.
The house price index rose 8.7 percent year-on-year in December after a 7.8 percent increase in November.
On a seasonally adjusted basis, the index climbed 0.8 percent from the previous month.
Nominally, house prices were unchanged on a monthly basis in December.
Oslo logged the strongest seasonally adjusted price development in December, with a monthly increase of 1.7 percent.
“Unchanged house prices are abnormal for December, and 2020 was the strongest year in the housing market since the record year 2016, Real Estate Norway CEO Henning Lauridsen said.
Real Estate Norway expects a sharp increase in house prices in the coming months and especially January.
The entire effect of the zero interest rate has probably not been taken out in the housing market yet, Lauridsen added.
Home sales for both December and the year 2020 were record. December saw 3,811 homes sold, up 22.9 percent from a year ago. In 2020, the number of homes sold was 99,581, which was 6.7 percent more than in 2019.