Household expectations for housing prices showed a slight increase in November. 66 percent expect higher housing prices one year ahead, while 8 percent anticipate a decline during this period. Housing price expectations have decreased slightly since record measurements in May and June but still maintain a high level compared to previous periods.
“Many indicators point toward higher housing prices ahead. High nominal wage growth and improved purchasing power have increased households’ buying capacity. The Norwegian Central Bank’s September forecasts suggest interest rate cuts during the first quarter of next year,” explains Hilde Midsem, Chief Economist at NBBL.
Household expectations for mortgage rates increased slightly from October to November, reaching approximately the same level as in September. A large majority of households expect lower or unchanged rates one year ahead. In November, 46 percent believed mortgage rates would be lower in a year, down from 50 percent in October. The proportion expecting higher rates increased slightly from 21 percent in October to 25 percent in November. In total, 75 percent of households believe rates will be either lower or unchanged in a year.
The percentage of people concerned about losing their jobs increased slightly in November. Results typically fluctuate considerably month to month. The trend suggests job security has decreased slightly over the past year.
The Housing Market Barometer’s total index has maintained a record high level since the beginning of this year, showing a slight decrease from October to November.
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