Housing trade|In the largest cities, there were significant differences in price changes compared to a month earlier. In Espoo, prices fell by 2.9 percent and in Vantaa by 1.1 percent.
The old ones share housing prices remained at the same level in October compared to September, they say Statistics Finland advance information.
In the largest cities, there were significant differences in price changes compared to a month earlier. In Espoo, prices fell by 2.9 percent, in Vantaa by 1.1 percent and in Turku by 0.6 percent.
Housing prices rose in other cities. The increase was 6.5 percent in Oulu, 0.7 percent in Helsinki and 0.3 percent in Tampere compared to a month earlier.
In October, four percent more sales of old apartments and townhouses were made through real estate agents than a year earlier.
Compared to a year ago, prices fell by 2.4 percent throughout the country. Apartment prices fell by 3.1 percent and townhouse prices by 0.7 percent.
Nordic economists Juho Kostiainen draws attention to the clearly increased number of residential transactions this year. He points out that trade volumes are still below the longer-term average.
“Of the big cities, housing sales have picked up the most in Oulu. Sales volumes have recovered the slowest in Vantaa. As prices have fallen, for more homeowners, the sale of an apartment means a loss in sales, which partly curbs many people’s desire to change apartments, even if the amount of the down payment has decreased,” Kostiainen writes in his comment.
He sees weak consumer confidence and increased unemployment as further holding back housing sales. Abundant supply keeps trading times long and prices in a downward direction.
Kostiainen believes that the situation will improve next year.
“The balancing of the housing market is supported by the leveling of interest rates, the improvement of purchasing power and little new construction. We predict that housing prices will turn to a cautious rise next year.”
Pellervon Senior Economist of Economic Research (PTT). Veera Holapan according to the development of the housing market in October has been weaker than expected, even though the expectations were not high.
“For example, in Espoo, where the housing market had been moderately stable for a long time, prices have fallen sharply since August. In October, the drop compared to a year ago was as much as 6.6 percent,” says Holappa in PTT’s press release.
According to Holapa, the weak general economic situation and household worries about unemployment and livelihoods are still an obstacle to housing transactions.
According to Holapa, this year is already the third consecutive year of decline in the housing market. The prices are still lower than last year.