Housing Price Index (HPI) n.s.a. m/m reflects a nominal percentage change in average residential property prices in the reported month compared to the previous month. Information on residential property transactions is collected from state land registries and statistics from the largest Norwegian mortgage lenders. The collected data cover about 70% of the residential property market turnover.
The index measures the prices paid by individuals for purchased housing. HPI reflects the dynamics of second-hand housing prices across the country.
The housing market plays an important role in the Norwegian economy. The rise in house prices, among other effects, has a significant impact on the growth of household wealth and, consequently, on the purchases of goods and services. Such purchases account for more than half of the Norway mainland GDP. Housing price trends are also important for the development of housing investments. In addition, the dynamics of house prices affects the overall inflation and financial stability, and thus it may affect interest rates set by Norges Bank.
Economists analyze the indicator to assess the housing market activity. It also serves as an analytical tool for measuring changes in mortgage rates, evaluating availability of houses and assessing the general inflation in the country. The rise in housing prices is seen as a favorable factor for the country's economy, since it indicates national currency inflation growth. Therefore, growing readings can be seen as positive for the Norwegian krone quotes.
The chart of the entire available history of the "House Price Index (HPI) n.s.a. m/m" macroeconomic indicator.
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