Norway

Quarterly Rank: 1
Quarterly Price Change: 5.3%*

Annual Rank: 11
Annual Price Change: -1.5%**

There has been a sharp slowdown in the number of houses under construction in Norway, with new starts falling to their lowest levels since 2000. Given the country's tight housing supply, prices have been pushed up. Norway posted a strong quarterly gain in the second quarter of 2009, up 5.3% from the second quarter of 2008, marking the country's second successive quarterly increase after a 4.1% hike in the first three months of the year. Real estate taxes have also remained relatively low in this oil-rich country.

* Change in average price, second quarter 2009 vs. first quarter 2009
** Change in average price, second quarter 2009 vs. second quarter 2008