August 3, 2018 / 10:42 AM / a year ago

UPDATE 1-Norway's S/A housing prices rose 0.4 pct in July vs June

(Adds quotes, economist, detail)

OSLO, Aug 3 (Reuters) - Norwegian seasonally adjusted housing prices rose by 0.4 percent in July from June, a real estate industry association said in a monthly report on Friday.

On a year-on-year basis prices rose by 2.2 percent in July, Real Estate Norway (REN) said, while unadjusted prices were unchanged in July from June.

“Home price growth came in slightly higher than we had expected and sales were high, indicating demand remains solid,” DNB Markets said in a note, adding that the data continues to support an expected central bank rate hike next month.

REN Chief Executive Christian Dreyer predicted prices will show a year-on-year increase by the end of 2018, compared with an earlier forecast for a decline of one percent.

“We expect a positive development in the 12-month price growth at the end of the year,” he told Reuters.

The housing market is expected to see an increased supply of homes for sale in the coming months, likely resulting in moderate price growth in the coming months and a seasonal downturn in the fourth quarter, REN added.

The housing data was compiled by Real Estate Norway, FINN and Eiendomsverdi. (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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