Norway Housing Price Index (HPI) y/y reflects a change in the average value of residential properties in the given month compared to the same month of the previous year. Information on residential property transactions is collected from state land registries and statistics from the largest Norwegian mortgage lenders. The collected data cover about 70% of the residential property market turnover.
The rise in housing prices is seen as a favorable factor for the country's economy, since it indicates national currency inflation growth. Therefore, growing readings can be seen as positive for the NOK quotes.