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Norway Housing Prices Extend Gains, Backing Central Bank’s View

Residential apartments in Oslo. Photographer: Kristian Helgesen/Bloomberg (Kristian Helgesen/Bloomberg)

(Bloomberg) -- Norway’s adjusted home prices extended gains last month, matching the central bank’s projections as households in the the energy-rich country continue to defy high credit costs.

Prices grew a seasonally-adjusted 0.3% in October, the ninth increase in the last ten months, according to data published by Real Estate Norway on Tuesday. The outcome was in line with Norges Bank’s estimate.

The Nordic nation’s housing market has seen new peaks since the spring, after largely avoiding the deeper post-pandemic declines seen elsewhere among its Scandinavian neighbors.

The central bank — which isn’t planning to begin easing before March next year — sees continued price gains for existing homes due to low supply, increased household purchasing power and lower residential mortgage rates, it said in September. 

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