Norway - House Price Index

For Norway, a house price index for new dwellings (detached, row, multi-dwelling, and composite) in subnational areas, quarterly from 1992.

Active:

• Measurements:
  • Unitary count of sales (#)
  • Norwegian kroner per square meter (NOK per m2)
  • Fixed-base index relative to 2015 (Index 2015=100)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Quarterly
• Start date: ...
• Geo coverage:
  • Country
  • INOR_aa = Region / NUTS 2
  • INOR_aaa = County / NUTS 3
  • INOR_nnnn = Municipality

Predecessors:

• Annual sales - 2002 to 2017
• Quarterly areal price - 1991 to 2005
• Annual areal price - 2002 to 2017
• 2005=100 - 1992 to 2016
• 2000=100 - 1992 to 2008

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.

Moody's Analytics supplements

For sales count, we calculate a national value (i.e., aggregate the subnational areas). For areal price and HPI, we construct seasonally adjusted counterparts. For SA HPI for two types (detached and multi-dwelling), we back-extend to 1992Q1.

The source does not note revisions.

The geographic delineations are subject to change, upon which series are typically truncated (i.e., they are not backcasted).

Svalbard is not legally defined as a county, but is statistically equivalent.

Further reading

At the source:

• Price index for new dwellings - About the statistics
• Price index for existing dwellings

• Jan 2008 - Initial version.
• Jun 2009 - Rebased to 2005.
• Mar 2014 - Addendum of SA supplements for NUTS 3 areas.
• Apr 2017 - Rebased to 2015.
• Jan 2018 - Change in muni geos.
• Oct 2020 - Change to 2020 geo delineations, part 1.
• Oct 2022 - Change to 2020 geo delineations, part 2.
• 4 Jun 2024, Phillip Thorne - Advance to 2024 geo delineations.
• 4 Mar 2025, Phillip Thorne - Back-extend select HPI: Moody's Analytics supplements.