House prices in Norway, 1819–1989

Abstract

This study presents annual house price indices for four Norwegian cities for the period from 1819 to 1989. The indices are constructed on the basis of nominal housing transaction prices compiled from the real property registers of the cities. Existing Norwegian house prices indices generally cover a few decades and usually start in the mid-1980s. Hence, we present new information about Norwegian house prices covering a period of more than 160 years. The house price indices seem to fit in well with historical events and available indicators of the Norwegian economy. The overall trend in nominal house prices is upward sloping over the two centuries. However, in real terms the picture looks different, in particular during the first half of the twentieth century.