Norway - House Price Index

Norway: House Price Index

Mnemonic HPI.INOR
Unit Index 2015=100, NSA
Adjustments Not Seasonally Adjusted
Quarterly 2.95 %
Data 2019 Q2 118.8
2019 Q1 115.4

Series Information

Source Statistics Norway
Release Price index for existing dwellings
Frequency Quarterly
Start Date 3/31/1992
End Date 6/30/2019

Norway: Real Estate

Reference Last Previous Units Frequency
Dwelling Stocks 2019 1,555,744 1,545,899 # Annual
Residential Building Completions Aug 2019 2,731 2,248 #, NSA Monthly
Residential Housing Starts Aug 2019 2,729 2,926 #, NSA Monthly
Building Completions 2019 Q2 8,561 7,036 #, NSA Quarterly
Building Permits 2019 Q2 8,984 9,450 #, NSA Quarterly
House Price Index 2019 Q2 118.8 115.4 Index 2015=100, NSA Quarterly
Housing Starts 2019 Q2 8,756 7,673 #, NSA Quarterly
Non-residential Building Completions 2019 Q2 159 249 #, NSA Quarterly
Non-residential Building Permits 2019 Q2 191 177 #, NSA Quarterly
Non-residential Housing Starts 2019 Q2 295 259 #, NSA Quarterly

Release Information

A house price index for new dwellings (detached, row, multi-dwelling, and composite) in Norway. Quarterly from 1992.

The source writes:

The purpose of the index is to measure the price development of new dwellings. Price Index for new dwellings consists of two different price indexes: Price index for new multi-dwellings and Price index new detached houses. The Price Index for new multi-dwellings was first published in 2015, with a time series back to the first quarter of 2011. Price index for new detached houses has been published since 1989 as an initiative by The Norwegian Financial Services Association (FNH).

Data for multi-dwellings is collected electronically through the Altinn internet portal for public reporting from construction companies and real estate developers. The sample should include the most important enterprises in the industry.

The data for computing the detached houses price index are obtained from two different sources: the Norwegian cadastre and a quarterly survey. The cadastre provides information on dwellings completed during the reference period; location, utility floor space and who the owner is. Through the survey Statistics Norway collect information about prices and quality characteristics that may have an influence on the price.

The price indexes are calculated by hedonic method and by multivariable regression analysis. Price is the independent variable in the regression analysis and the independent variables are:

  • Multi-dwellings: the size of the dwelling, geographic zone, dwelling type, ownership and garage.
  • Detached houses: the size of the dwelling, geographic location, ventilation and heating systems and different types of self-built works.

Observations from both the base year and the year before are used in the regression analysis to obtain more confident and stable estimates of the hedonic price function. The price elasticity is assumed to be constant for that period of time.

The total price index for new dwellings is an aggregate of the price index for new detached houses and the price index for new multi-dwellings.

The indexes are calculated as chained indexes with annual links. The base is changed in the 2nd quarter, with the previous year as a new base year.

The source does not note revisions.

Svalbard is not defined as a county in the legal sense, but in official statistics Svalbard is treated in the same way as the other counties in Norway.