December 29, 2017 / 11:03 AM / 20 days ago

Norway's housing prices seen down 1-2 pct y/y in December -Real Estate Norway

OSLO, Dec 29 (Reuters) - Norwegian housing prices probably fell by 1 to 2 percent year-on-year in December, a real estate industry association said on Friday. The exact number will be published in early January.

“By the end of 2017, house price data will show that house prices nationwide have fallen by about 1 to 2 per cent in the last 12 months,” Real Estate Norway Chief Executive Christian Dreyer said in a statement.

In November, year-on-year prices fell by 0.5 percent, the first negative reading since 2014 and down from a February peak of 13 percent growth.

Tighter mortgage regulations, lower population growth and a boom in construction have all contributed to weaker demand for housing in recent months.

The association has revised its methodology for calculating regional and national housing prices in a bid to improve data quality from January onwards, it added. (Reporting by Ole Petter Skonnnord, editing by Terje Solsvik)

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