House price index
A house price index shows price movements in the housing market over time, adjusted for composition so that changes in what is sold (more flats one month, more detached houses another) do not distort the signal. Indices are the dominant tool for measuring whether the housing market is rising or falling, and Norges Bank, economists, banks, estate agents and the media use them as the reference point for house price growth.
Norway has three established indices with different purposes and different publication frequencies. The SSB house price index is the official national statistic and is published quarterly (base year 2015=100). It covers both existing and new homes, is based on registered sales and uses a hedonic regression model where price is explained by characteristics such as usable floor area, location, year of construction and dwelling type, so that the index measures pure price change and not a change in quality. The Eiendom Norge monthly index is the industry's own statistic for existing homes sold through agents, with data from Eiendomsverdi and Finn. It is published on the first working day of each month and delivers faster market signals than SSB, but it covers only the agent-brokered second-hand market (around 80-90% of all housing transactions). Eiendom Norge PRO covers commercial property (offices, warehousing, retail) and is published quarterly in cooperation with Akershus Eiendom, Newsec and DNB Næringsmegling, among others.
For an individual home, the indices are blunt tools. The SSB index says something about Oslo flats in general, not about a specific flat in Grünerløkka. For a concrete valuation, you have to combine the index movement with comparable sales in the local area (the comparison method) and, where relevant, a surveyor's valuation. Professional players use the indices for portfolio valuation, for index-linked rent adjustment in certain commercial contracts, and as a basis for interest rate expectations and macroeconomic analysis.
When Norges Bank assesses the policy rate, movements in the SSB and Eiendom Norge indices are among the most important indicators. House price to disposable income and house price to rent are built on index series and are used to assess whether the housing market is over- or underpriced in a historical perspective. The Eiendom Norge monthly statistics also give the average price per square metre (UFA) per county and major city, plus statistics on time on market and sales volumes.
For commercial property, the index picture is different. Yield movements are published as transaction-based prime yield per sub-segment (offices in the city centre, offices in the west, logistics, retail), and valuation often follows the income capitalisation method (market value = NOI / yield). Eiendom Norge PRO and the quarterly reports from the large commercial agents (Akershus, DNB, Newsec, Cushman, Colliers) are the main sources.
House price indices say nothing about the absolute level; they measure only the change from a base year (typically index 100 in January 2003 or January 2015, depending on the source). Comparing prices per square metre requires the separate average figures from Eiendom Norge, the SSB Statistikkbanken, or the new Boligpris.no service that SSB launched in 2024 to provide a public address-specific price estimate.
In Placepoint you can retrieve price statistics for an area through price statistics reports as a basis for assessing whether the valuation of a specific property follows local market developments.
How it looks in Placepoint
In Placepoint you find this in Report: Price statistics:
From Placepoint's glossary: House price index
More information: SSB: Boligprisindeks, Eiendom Norge: Boligprisstatistikk, Eiendom Norge
Norwegian: Boligprisindeks.
Common questions
What is the difference between the SSB and Eiendom Norge house price indices?
Statistisk sentralbyrå (SSB) publishes quarterly, covers the whole housing market (including new builds) and is the official statistic. Eiendom Norge publishes monthly, covers only agent-brokered sales of existing homes and delivers faster market signals.
What does it mean that the index is adjusted for composition?
The index weights for the type of homes sold in a given month, so that a period with an unusually high number of expensive detached houses does not look like price growth. Hedonic regression controls for usable floor area, location, year of construction and dwelling type.
Is there a separate index for commercial property?
Yes, Eiendom Norge PRO is published quarterly in cooperation with commercial property agents such as Akershus Eiendom and Newsec. The industry also follows prime yield per segment and macro yield movements from the largest commercial agents.
Can I use the house price index to value my own home?
The index tells you how much the market has moved in general, but not what a specific home is worth. For a valuation you need comparable sales in the local area, a surveyor's valuation or an e-takst.
Where do you find prices per square metre?
The Eiendom Norge monthly statistics give the average price per square metre of UFA per city and county. SSB Statistikkbanken has public figures, and the Boligpris.no service from Statistisk sentralbyrå (SSB) gives address-specific price estimates.