Today I noticed a long-awaited shift in how housing prices are communicated in Norwegian financial media.

When E24 previously wrote about housing prices, they reported the nominal price increase, which gives the impression that homes, which are the most important way Norwegians store value, are rising in price.

In the article below, E24 writes the following:

'Real housing prices have fallen by 9 percent over the last two years.'

'By then (2024), we expect that real housing prices will have fallen by about 15 percent from the peak. Then we are back to the same real housing price level as in the summer of 2016.'

If one disregards the fact that for most of us Norwegians, a house is a leveraged investment, where a fall in value results in a magnified negative effect on equity, and compares the investments 'housing' vs 'bitcoin', then housing is marginally better for the last two years. If you include the effect on equity, then it is advantage for bitcoin the last two years (depending on your leverage).

And since 2016, well, there is no competition.

https://e24.no/naeringsliv/i/GM7ezq/det-reelle-boligprisfallet-bildet-er-snudd-paa-hodet