June 6, 2017 / 9:37 AM / a year ago

UPDATE 1-Norway's housing prices down in May as market cools off

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OSLO, June 6 (Reuters) - Norwegian seasonally adjusted housing prices fell by 0.7 percent in May from April in a further sign the market was cooling off from a rapid rise in recent years, a real estate industry association said on Tuesday.

On a year-on-year basis, prices rose by 8.3 percent in May, down from 10.7 percent in April and from a decade-high 13 percent in February, Real Estate Norway said.

The year-on-year growth rate will likely continue to decline in both June and July as more housing units are made available for sale and weary buyers resist the ever-higher cost of homes, the lobby group added.

The Norwegian government has also tightened regulations of mortgages in a bid to rein in the housing market, forcing banks to become more selective.

Unadjusted prices fell by 1.1 percent in May from April, the weakest nominal outcome for a single month since October of 2015.

The housing data was compiled by Real Estate Norway, FINN and Eiendomsverdi. (Reporting by Camilla Knudsen, editing by Terje Solsvik)

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