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The Norwegian house prices remained unchanged (-0.1 percent) in September
However, seasonally adjusted the growth rate was 0.7 percent
Year over year growth jumps to 3.4 percent due to the weak housing market last autumn
New all time high for transactions in September and YTD
Fewer unsold homes in all major cities except Stavanger
Unsold stock much lower than September last year
Kristiansand, and now also Stavanger, underperform – while
Tromsø vastly outperforms
Copyright © Eiendomsverdi ® The monthly housing market update 03.10.2014
2

The HPI Norway – September : Down 0.1 %
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12 month growth rate at 3.6%, up from 2.3%
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• House prices fell slightly – index down 0.1 percent
Seasonally adjusted prices increased by 0.7 percent
Year over year growth jumps to 3.4 percent due to the weak housing market last autumn – 12 month growth rate has increased through most of 2014
Table 1. Summary Eiendom Norge House Index
Index (Jan 03 = 100)
Change september 2014
Change september 2013
Change september 2012
Change august 2014
Change juli 2014
Year over Year
5 Years
Price Change since previous all time high
Price Change since previous trough
Source: Eiendom Norge, Finn.no, Eiendomsverdi
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Eiendom Norge Index
212,4
-0,1 %
-1,4 %
-0,1 %
1,6 %
0,1 %
3,6 %
33,2 %
-0,1 %
33,6 %
The monthly housing market update

The house price index, segmented by type:
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• Detached was the only segment that fell in September
But detached increased the most in August
Apartments now strongest Y/Y
And apartments is the strongest, both since the trough and over the last five years
Table 2. Summary by property type
Index (Jan 03 = 100)
Change september 2014
Change september 2013
Change september 2012
Change august 2014
Change juli 2014
Year over Year
5 Years
Price Change since previous all time high
Price Change since previous Trough
Source: Eiendom Norge, Finn.no, Eiendomsverdi
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Detached
208,9
-1,0 %
-1,3 %
0,1 %
2,6 %
-0,6 %
3,2 %
28,3 %
-1,0 %
43,6 %
Terraced Apartments
217,2 212,6
0,3 %
-1,2 %
0,3 %
-1,5 %
0,6 %
1,7 %
-0,1 %
-0,3 %
1,1 %
0,6 %
3,2 %
31,3 %
0,0 %
49,7 %
3,9 %
36,1 %
0,0 %
54,5 %
The monthly housing market update

House prices by selected counties
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• Oslo the strongest region in September
Weakest region is Rogaland, the oil headquarter of Norway
Rogaland is also the weakest Y/Y
The rural parts of Norway now the strongest Y/Y, with
Nordland and Hedmark the strongest regions
Table 3. Summary by selected counties
Index (Jan 03 = 100)
Change september 2014
Change september 2013
Change september 2012
Change august 2014
Change juli 2014
Year over Year
5 Years
Price Change since previous all time high
Price Change since previous Trough
Source: Eiendom Norge, Finn.no, Eiendomsverdi
Copyright © Eiendomsverdi ®
Oslo
208,6
0,4 %
-1,7 %
-0,1 %
1,3 %
0,5 %
2,6 %
37,7 %
0,0 %
7,3 %
Hordaland Sør-Trøndelag
241,2 231,9
0,0 %
-1,2 %
0,0 %
-1,3 %
-0,1 %
1,6 %
0,2 %
0,0 %
1,6 %
0,2 %
5,2 %
37,8 %
0,0 %
8,8 %
4,1 %
44,6 %
0,0 %
7,7 %
Rogaland Nordland Vest-Agder Hedmark
270,9 232,8 211,0 200,8
-0,6 %
-1,6 %
-0,4 %
-1,1 %
0,0 %
-1,8 %
-0,2 %
-1,2 %
0,1 %
1,3 %
-0,2 %
-0,5 %
1,9 %
-0,2 %
-0,7 %
1,4 %
0,1 %
-0,3 %
2,0 %
-0,3 %
0,0 %
34,2 %
-2,5 %
4,5 %
5,5 %
38,0 %
-0,4 %
9,1 %
2,0 %
12,5 %
-1,7 %
6,5 %
5,6 %
24,2 %
-0,2 %
9,1 %
The monthly housing market update

Apartments in selected cities
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Tromsø shows the strongest growth for yet another month
Stavanger – the oil capital of Norway - the weakest and the only city with a fall in September
Stavanger is now the only city with Y/Y fall
Tromsø still the strongest Y/Y
Table 4. Summary apartments big cities
Index (Jan 03 = 100)
Change september 2014
Change september 2013
Change september 2012
Change august 2014
Change juli 2014
Year over Year
5 Years
Price Change since previous all time high
Price Change since previous Trough
Source: Eiendom Norge, Finn.no, Eiendomsverdi
Copyright © Eiendomsverdi ®
Oslo
208,3
0,4 %
-1,7 %
-0,2 %
1,2 %
0,6 %
2,6 %
38,2 %
0,0 %
56,9 %
Bergen
244,6
0,2 %
-1,2 %
-0,4 %
1,3 %
0,7 %
5,8 %
42,5 %
0,0 %
61,3 %
Trondheim
229,3
0,1 %
-1,6 %
-0,1 %
1,1 %
0,5 %
3,1 %
46,1 %
0,0 %
69,3 %
Stavanger Kristiansand
285,3 207,7
-0,5 %
-1,6 %
0,4 %
-1,6 %
-0,4 %
0,7 %
0,3 %
-1,6 %
0,7 %
0,8 %
-0,2 %
37,3 %
-3,4 %
56,7 %
1,4 %
9,9 %
-3,5 %
24,0 %
Tromsø Drammen
230,5 227,3
0,9 %
-0,9 %
0,3 %
-1,5 %
-0,3 %
2,2 %
1,4 %
-0,3 %
1,4 %
0,6 %
14,3 %
42,1 %
0,0 %
60,0 %
3,7 %
49,1 %
0,0 %
68,4 %
The monthly housing market update
Bodø
220,4
0,0 %
-1,2 %
-0,7 %
1,4 %
0,8 %
8,1 %
39,1 %
0,0 %
52,2 %
Norway
212,6
0,3 %
-1,5 %
-0,3 %
1,1 %
0,6 %
3,9 %
36,1 %
0,0 %
54,5 %

Median house prices and the first and third quartile
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Oslo has the highest detached prices followed by Akershus (Oslo suburb) and Rogaland (Stavanger area)
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But the median price for apartments are highest in Stavanger
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Unsold stock – Norway
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Unsold stock in Oslo, Bergen an Trondheim at historic lows
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But Stavanger area is still at a level last seen in 2008
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Falls from August, but still older than 2012 and 2013
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September: New all tim high for transactions
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Volumes YTD – All time high also for YTD transactions
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As is normal time on the market falls in September
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But still longer than in 2011, 12 and 13
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Source: S&P Case-Shiller Home Price Indices Composite 20, Realkredittrådet, Hometrack, Statistics Sweden, Eiendomsverdi
Copyright © Eiendomsverdi ® The monthly housing market update

The sell – ask spread Norway
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The sell-ask spread: Oslo, Bergen, Trondheim and Stavanger
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The sell-ask spread: Kristiansand, Tromsø, Bodø and Drammen
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The hottest bidding contests appear to be in Oslo and
Bergen
The Stavanger seller only just achieves his/her asking price
The average Kristiansand seller still does not achieve his/her asking price
Table 5 Summary (Final Selling Price - Ask Price) / Ask Price sep. 14
Average (2005-2013)
All-time high
Date All time high (2005-2013)
All-time low
Date All time low (2005-2013)
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Oslo
5,0 %
4,6 %
10,5 %
Aug 06
-6,7 %
Des 08
Bergen
5,6 %
4,4 %
11,8 %
Aug 06
-5,1 %
Des 08
Trondheim
1,7 %
2,5 %
7,9 %
Feb 13
-6,0 %
Des 08
Stavanger Kristiansand
0,0 % -0,6 %
2,4 %
10,1 %
Jun 06
-6,5 %
Des 08
1,5 %
10,0 %
Aug 06
-7,1 %
Des 08
Tromsø Drammen
2,1 % 2,3 %
-0,7 %
4,1 %
Jan 07
-8,9 %
Nov 08
1,4 %
5,5 %
Aug 06
-7,7 %
Okt 08
Bodø
2,2 %
2,1 %
8,2 %
Aug 07
-3,4 %
Okt 09
Norway
2,1 %
2,2 %
6,2 %
Aug 08
-5,8 %
Dec 08
The monthly housing market update

Housing starts in Norway for August: 2,425
Copyright © Eiendomsverdi ® The monthly housing market update

Housing starts in Norway: 12-months rolling sum is increasing again
Copyright © Eiendomsverdi ® The monthly housing market update

Eiendomsverdi’s estimates: transaction prices were under-estimated by 2.5 %
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Second home prices now significantly higher than last year – up 7.4 percent Y/Y
Average time on the market for sold second homes increased – this may signal a stronger market as previously unsold homes finally found a buyer
Volumes reached an all time high for the third quarter – beating the previous all time high of 2013 by 16 percent
Copyright © Eiendomsverdi ® The monthly housing market update 03.10.2014
32

Median Value 3. quarter second homes
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Average time on market second homes 3. quarter
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Transaction volumes 3. quarter second homes
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Housing Research
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E-mail: saa@eiendomsverdi.no
Housing Research
Anders Lund
Tel: 23 00 28 37
E-Mail: al@eiendomsverdi.no
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