Nyboligsalget: – Historisk svakt

August housing sales in Norway dropped significantly, with a 24% decrease compared to the same month last year, according to a report from Boligprodusentene. This marks the weakest August housing sales since the monthly tracking began by the Boligprodusentenes Forening in 2010. Only 8,534 new homes were sold in the month, representing an 18% decline from the same period last year, and sales have been historically weak for a prolonged period. New housing construction slowed 31% in April-June 2023 compared to the same period last year.

The current housing sales are 52% below the anticipated annual housing demand, which Prognosesenteret calculated to be over 28,000 homes. The weak performance of new housing sales indicates the units sold today will likely be built in the coming years. New housing construction in August was also among the weakest August months recorded, but so far this year, it sits higher than last year.

Boligprodusentene Forening's Director Maria Hoff attributes the weak housing sales to a need for strong government measures in the upcoming budget. She believes new housing initiatives are crucial to revitalize the market. To achieve the government's goal of 130,000 new homes by 2030, set from 2025, Hoff suggests measures such as increased loan limits in the Bank of Norway, subsidies for community rental housing, changes to loan regulations, and faster planning and construction processes.

New vacation home sales dropped 37% year-to-date, while 747 units were sold, 27% below the previous 12-month period. New vacation homes were initiated this year at 759 units, 19% lower than the same period last year. Vacation home construction initiatives also fell 2% in the previous 12-month period.