African Press International (API)

"Daily Online News Channel".

Record number of homes on the market

Posted by African Press International on May 31, 2008

Publisher: Korir, africanpress@getmail.no source.aftenposteneng

Norwegians are trying to sell their homes in record numbers. Never before has the listing service Finn offered more homes on the market.

Signs advertising open houses are prevalent these days.

PHOTO: INGAR HAUG STEINHOLT

As of Thursday, there were 21,300 homes on the market, writes newspaper VG. That’s 42 percent more than the same time last year, and nearly double the number of homes offered in late May 2006.

This is traditionally a busy season for home sales, as many sellers try to unload their properties before the summer holidays begin. Many also want to move when school lets out.

Nonetheless, “we’ve never had more used homes for sale than now,” said Lars Vangen Jordet, managing director of Finn Eiendom.

Another 16,000 new homes are also listed, but that number has been much higher earlier. The amount of new building projects has been sharply reduced this year, in line with turbulent financial markets.

The sheer amount of homes on the market is clearly in buyers favour, and statistics indicate that prices are coming down.

“There’s an enormous surplus of inventory on the market,” said Bjrn-Erik ye, a partner at Prognosesenteret. “And uncertainty among buyers means that nearly all try to sell their own homes before buying another.”

The state statistics bureau SSB predicts flat or declining prices for the next few years, with growth picking up again in 2011.

————

API

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

 
%d bloggers like this: