{
  "id": "macro_economics/housing/no_housing_market_activity_monthly",
  "generated_at": "2026-06-25T06:09:24.913081+00:00",
  "last_refresh": "2026-06-25",
  "source": "Statistics Norway dwelling-secured household loan balances and residential building permits. Housing finance is house-price adjusted, extended in early months using broader household loan debt, and smoothed with a 3-month moving average before combining 65% finance and 35% construction components; residential permits are smoothed with a trailing 3-month moving average.",
  "source_description": "Monthly Norway housing market activity indicator based on a weighted combination of house-price-adjusted mortgage credit and residential building permits, indexed to 2019 = 100.",
  "table_id": "macro_economics/housing/no_housing_market_activity_monthly",
  "meta": {
    "indicator_name": "Norway housing market activity",
    "indicator_description": "Monthly Norway housing market activity indicator based on a weighted combination of house-price-adjusted mortgage credit and residential building permits, indexed to 2019 = 100.",
    "title": "Norway housing market activity",
    "description": "Monthly Norway housing market activity indicator based on a weighted combination of house-price-adjusted mortgage credit and residential building permits, indexed to 2019 = 100.",
    "source": "Statistics Norway dwelling-secured household loan balances and residential building permits. Housing finance is house-price adjusted, extended in early months using broader household loan debt, and smoothed with a 3-month moving average before combining 65% finance and 35% construction components; residential permits are smoothed with a trailing 3-month moving average.",
    "source_description": "Monthly Norway housing market activity indicator based on a weighted combination of house-price-adjusted mortgage credit and residential building permits, indexed to 2019 = 100.",
    "visibility": "public",
    "updated_at": "2026-06-25T06:07:06.415956Z",
    "last_refresh": "2026-06-25",
    "table_id": "macro_economics/housing/no_housing_market_activity_monthly",
    "topic": "Macroeconomics",
    "subtopic": "Housing",
    "geo": [
      "NO"
    ],
    "geo_included": [
      "NO"
    ],
    "page_slug": "norway-housing-market-activity",
    "page_url": "/indicators/macroeconomics/housing/norway-housing-market-activity/",
    "chart_type": "line",
    "series_type": "single",
    "frequency": "monthly",
    "units": "Index (2019 = 100)",
    "legend": false,
    "featured_topic": true,
    "featured_subtopic": true,
    "featured_rank_topic": 5,
    "featured_rank_subtopic": 2,
    "chart_title": "Norway Housing Market Activity",
    "y_axis_label": "Index [2019=100]",
    "related_indicators": [
      {
        "title": "Norway Furniture Retail Market Size",
        "url": "/indicators/retail/market-size/norway-furniture-retail-turnover/",
        "label": "Retail"
      },
      {
        "title": "Norway Furniture Consumer Market Size",
        "url": "/indicators/retail/market-size/norway-furniture-consumer-market-size/",
        "label": "Market size"
      },
      {
        "title": "Sweden Housing Market Activity",
        "url": "/indicators/macroeconomics/housing/sweden-housing-market-activity/",
        "label": "Housing"
      }
    ],
    "taxonomy_path": [
      "macroeconomics",
      "housing",
      "market-activity"
    ],
    "taxonomy_labels": [
      "Macroeconomics",
      "Housing",
      "Market activity"
    ],
    "taxonomy_nodes": [
      {
        "id": "macroeconomics",
        "label": "Macroeconomics",
        "has_page": true,
        "sort_order": 30
      },
      {
        "id": "housing",
        "label": "Housing",
        "has_page": true,
        "sort_order": 20
      },
      {
        "id": "market-activity",
        "label": "Market activity",
        "has_page": false,
        "sort_order": 10
      }
    ],
    "taxonomy_page_path": [
      "macroeconomics",
      "housing"
    ],
    "taxonomy_page_labels": [
      "Macroeconomics",
      "Housing"
    ],
    "taxonomy_collection": "market-activity",
    "taxonomy_collection_label": "Market activity",
    "entity": {
      "type": "country",
      "geo": [
        "NO"
      ]
    },
    "methodology_url": "/about/methodology/housing-market-activity/",
    "methodology_label": "Housing Market Activity Methodology",
    "data_hash": "773db9df9caf486ed43f16725a3c99767c3227f2d002074322046869d7209cc1",
    "trend_summary": "In May 2026, the indicator reached 86.2 index points, compared with 92 index points in January 2016. The latest month changed by -1.7 index points from April 2026, while the full-period change was -5.9 index points. Across the available history, the range runs from 80.6 in December 2024 to 103.7 in August 2019. The latest observation sits between the period low and high, so it should be read against both the December 2024 trough and the August 2019 peak.",
    "trend_summary_generated_at": "2026-06-25T06:09:24.914337+00:00",
    "trend_summary_source": "fallback",
    "key_findings": [
      "Norway housing activity is below its 2019 baseline, so the housing-linked demand signal is still soft.",
      "The series is still in the weaker part of its range, leaving the housing cycle fragile.",
      "Recent movement is broadly sideways, so the housing signal is not yet showing a clear new impulse."
    ],
    "key_findings_source": "housing_activity_rule",
    "chart_alt_text": "Line chart for Norway Housing Market Activity in index points. The series runs from 2016-01-01 to 2026-05-01; the latest value is 86.2 index points. The peak is 103.7 index points in 2019-08-01."
  },
  "data": [
    {
      "date": "2016-01-01",
      "geo": "NO",
      "value": 92.03
    },
    {
      "date": "2016-02-01",
      "geo": "NO",
      "value": 94.08
    },
    {
      "date": "2016-03-01",
      "geo": "NO",
      "value": 94.78
    },
    {
      "date": "2016-04-01",
      "geo": "NO",
      "value": 96.99
    },
    {
      "date": "2016-05-01",
      "geo": "NO",
      "value": 97.88
    },
    {
      "date": "2016-06-01",
      "geo": "NO",
      "value": 101.12
    },
    {
      "date": "2016-07-01",
      "geo": "NO",
      "value": 98.42
    },
    {
      "date": "2016-08-01",
      "geo": "NO",
      "value": 99.01
    },
    {
      "date": "2016-09-01",
      "geo": "NO",
      "value": 96.78
    },
    {
      "date": "2016-10-01",
      "geo": "NO",
      "value": 98.45
    },
    {
      "date": "2016-11-01",
      "geo": "NO",
      "value": 97.61
    },
    {
      "date": "2016-12-01",
      "geo": "NO",
      "value": 99.49
    },
    {
      "date": "2017-01-01",
      "geo": "NO",
      "value": 100.31
    },
    {
      "date": "2017-02-01",
      "geo": "NO",
      "value": 99.45
    },
    {
      "date": "2017-03-01",
      "geo": "NO",
      "value": 99.46
    },
    {
      "date": "2017-04-01",
      "geo": "NO",
      "value": 99.54
    },
    {
      "date": "2017-05-01",
      "geo": "NO",
      "value": 97.89
    },
    {
      "date": "2017-06-01",
      "geo": "NO",
      "value": 99.21
    },
    {
      "date": "2017-07-01",
      "geo": "NO",
      "value": 101.34
    },
    {
      "date": "2017-08-01",
      "geo": "NO",
      "value": 101.14
    },
    {
      "date": "2017-09-01",
      "geo": "NO",
      "value": 97.97
    },
    {
      "date": "2017-10-01",
      "geo": "NO",
      "value": 94.26
    },
    {
      "date": "2017-11-01",
      "geo": "NO",
      "value": 94.55
    },
    {
      "date": "2017-12-01",
      "geo": "NO",
      "value": 93.93
    },
    {
      "date": "2018-01-01",
      "geo": "NO",
      "value": 95.26
    },
    {
      "date": "2018-02-01",
      "geo": "NO",
      "value": 96.74
    },
    {
      "date": "2018-03-01",
      "geo": "NO",
      "value": 95.25
    },
    {
      "date": "2018-04-01",
      "geo": "NO",
      "value": 94.42
    },
    {
      "date": "2018-05-01",
      "geo": "NO",
      "value": 92.56
    },
    {
      "date": "2018-06-01",
      "geo": "NO",
      "value": 92.04
    },
    {
      "date": "2018-07-01",
      "geo": "NO",
      "value": 93.28
    },
    {
      "date": "2018-08-01",
      "geo": "NO",
      "value": 97.78
    },
    {
      "date": "2018-09-01",
      "geo": "NO",
      "value": 99.25
    },
    {
      "date": "2018-10-01",
      "geo": "NO",
      "value": 99.59
    },
    {
      "date": "2018-11-01",
      "geo": "NO",
      "value": 98.42
    },
    {
      "date": "2018-12-01",
      "geo": "NO",
      "value": 99.71
    },
    {
      "date": "2019-01-01",
      "geo": "NO",
      "value": 101.17
    },
    {
      "date": "2019-02-01",
      "geo": "NO",
      "value": 100.0
    },
    {
      "date": "2019-03-01",
      "geo": "NO",
      "value": 98.51
    },
    {
      "date": "2019-04-01",
      "geo": "NO",
      "value": 99.47
    },
    {
      "date": "2019-05-01",
      "geo": "NO",
      "value": 100.32
    },
    {
      "date": "2019-06-01",
      "geo": "NO",
      "value": 102.57
    },
    {
      "date": "2019-07-01",
      "geo": "NO",
      "value": 102.22
    },
    {
      "date": "2019-08-01",
      "geo": "NO",
      "value": 103.7
    },
    {
      "date": "2019-09-01",
      "geo": "NO",
      "value": 103.24
    },
    {
      "date": "2019-10-01",
      "geo": "NO",
      "value": 99.46
    },
    {
      "date": "2019-11-01",
      "geo": "NO",
      "value": 96.5
    },
    {
      "date": "2019-12-01",
      "geo": "NO",
      "value": 92.83
    },
    {
      "date": "2020-01-01",
      "geo": "NO",
      "value": 93.4
    },
    {
      "date": "2020-02-01",
      "geo": "NO",
      "value": 92.9
    },
    {
      "date": "2020-03-01",
      "geo": "NO",
      "value": 96.36
    },
    {
      "date": "2020-04-01",
      "geo": "NO",
      "value": 96.72
    },
    {
      "date": "2020-05-01",
      "geo": "NO",
      "value": 99.15
    },
    {
      "date": "2020-06-01",
      "geo": "NO",
      "value": 98.89
    },
    {
      "date": "2020-07-01",
      "geo": "NO",
      "value": 100.24
    },
    {
      "date": "2020-08-01",
      "geo": "NO",
      "value": 98.64
    },
    {
      "date": "2020-09-01",
      "geo": "NO",
      "value": 98.37
    },
    {
      "date": "2020-10-01",
      "geo": "NO",
      "value": 97.23
    },
    {
      "date": "2020-11-01",
      "geo": "NO",
      "value": 97.8
    },
    {
      "date": "2020-12-01",
      "geo": "NO",
      "value": 98.38
    },
    {
      "date": "2021-01-01",
      "geo": "NO",
      "value": 97.57
    },
    {
      "date": "2021-02-01",
      "geo": "NO",
      "value": 96.22
    },
    {
      "date": "2021-03-01",
      "geo": "NO",
      "value": 94.99
    },
    {
      "date": "2021-04-01",
      "geo": "NO",
      "value": 97.97
    },
    {
      "date": "2021-05-01",
      "geo": "NO",
      "value": 97.7
    },
    {
      "date": "2021-06-01",
      "geo": "NO",
      "value": 99.44
    },
    {
      "date": "2021-07-01",
      "geo": "NO",
      "value": 92.85
    },
    {
      "date": "2021-08-01",
      "geo": "NO",
      "value": 91.31
    },
    {
      "date": "2021-09-01",
      "geo": "NO",
      "value": 91.57
    },
    {
      "date": "2021-10-01",
      "geo": "NO",
      "value": 96.45
    },
    {
      "date": "2021-11-01",
      "geo": "NO",
      "value": 96.36
    },
    {
      "date": "2021-12-01",
      "geo": "NO",
      "value": 95.27
    },
    {
      "date": "2022-01-01",
      "geo": "NO",
      "value": 94.32
    },
    {
      "date": "2022-02-01",
      "geo": "NO",
      "value": 95.81
    },
    {
      "date": "2022-03-01",
      "geo": "NO",
      "value": 96.82
    },
    {
      "date": "2022-04-01",
      "geo": "NO",
      "value": 94.07
    },
    {
      "date": "2022-05-01",
      "geo": "NO",
      "value": 96.5
    },
    {
      "date": "2022-06-01",
      "geo": "NO",
      "value": 94.61
    },
    {
      "date": "2022-07-01",
      "geo": "NO",
      "value": 96.41
    },
    {
      "date": "2022-08-01",
      "geo": "NO",
      "value": 91.96
    },
    {
      "date": "2022-09-01",
      "geo": "NO",
      "value": 92.64
    },
    {
      "date": "2022-10-01",
      "geo": "NO",
      "value": 94.6
    },
    {
      "date": "2022-11-01",
      "geo": "NO",
      "value": 95.63
    },
    {
      "date": "2022-12-01",
      "geo": "NO",
      "value": 95.02
    },
    {
      "date": "2023-01-01",
      "geo": "NO",
      "value": 91.95
    },
    {
      "date": "2023-02-01",
      "geo": "NO",
      "value": 92.61
    },
    {
      "date": "2023-03-01",
      "geo": "NO",
      "value": 90.44
    },
    {
      "date": "2023-04-01",
      "geo": "NO",
      "value": 88.22
    },
    {
      "date": "2023-05-01",
      "geo": "NO",
      "value": 86.54
    },
    {
      "date": "2023-06-01",
      "geo": "NO",
      "value": 86.36
    },
    {
      "date": "2023-07-01",
      "geo": "NO",
      "value": 87.83
    },
    {
      "date": "2023-08-01",
      "geo": "NO",
      "value": 90.25
    },
    {
      "date": "2023-09-01",
      "geo": "NO",
      "value": 90.83
    },
    {
      "date": "2023-10-01",
      "geo": "NO",
      "value": 91.87
    },
    {
      "date": "2023-11-01",
      "geo": "NO",
      "value": 91.17
    },
    {
      "date": "2023-12-01",
      "geo": "NO",
      "value": 92.31
    },
    {
      "date": "2024-01-01",
      "geo": "NO",
      "value": 93.34
    },
    {
      "date": "2024-02-01",
      "geo": "NO",
      "value": 92.88
    },
    {
      "date": "2024-03-01",
      "geo": "NO",
      "value": 91.27
    },
    {
      "date": "2024-04-01",
      "geo": "NO",
      "value": 89.03
    },
    {
      "date": "2024-05-01",
      "geo": "NO",
      "value": 86.32
    },
    {
      "date": "2024-06-01",
      "geo": "NO",
      "value": 84.32
    },
    {
      "date": "2024-07-01",
      "geo": "NO",
      "value": 86.18
    },
    {
      "date": "2024-08-01",
      "geo": "NO",
      "value": 85.33
    },
    {
      "date": "2024-09-01",
      "geo": "NO",
      "value": 87.7
    },
    {
      "date": "2024-10-01",
      "geo": "NO",
      "value": 84.1
    },
    {
      "date": "2024-11-01",
      "geo": "NO",
      "value": 84.93
    },
    {
      "date": "2024-12-01",
      "geo": "NO",
      "value": 80.56
    },
    {
      "date": "2025-01-01",
      "geo": "NO",
      "value": 81.41
    },
    {
      "date": "2025-02-01",
      "geo": "NO",
      "value": 81.02
    },
    {
      "date": "2025-03-01",
      "geo": "NO",
      "value": 87.54
    },
    {
      "date": "2025-04-01",
      "geo": "NO",
      "value": 90.04
    },
    {
      "date": "2025-05-01",
      "geo": "NO",
      "value": 90.09
    },
    {
      "date": "2025-06-01",
      "geo": "NO",
      "value": 88.48
    },
    {
      "date": "2025-07-01",
      "geo": "NO",
      "value": 86.57
    },
    {
      "date": "2025-08-01",
      "geo": "NO",
      "value": 88.56
    },
    {
      "date": "2025-09-01",
      "geo": "NO",
      "value": 86.29
    },
    {
      "date": "2025-10-01",
      "geo": "NO",
      "value": 84.76
    },
    {
      "date": "2025-11-01",
      "geo": "NO",
      "value": 83.43
    },
    {
      "date": "2025-12-01",
      "geo": "NO",
      "value": 84.0
    },
    {
      "date": "2026-01-01",
      "geo": "NO",
      "value": 84.47
    },
    {
      "date": "2026-02-01",
      "geo": "NO",
      "value": 86.63
    },
    {
      "date": "2026-03-01",
      "geo": "NO",
      "value": 86.62
    },
    {
      "date": "2026-04-01",
      "geo": "NO",
      "value": 87.9
    },
    {
      "date": "2026-05-01",
      "geo": "NO",
      "value": 86.16
    }
  ]
}