Home price increased 0.7% month-on-month; Still 2.3% lower than a year ago

Existing home prices in the Netherlands increased by 0.7 percent in October compared to September, Statistics Netherlands (CBS) reported on Wednesday. Compared to October 2022, home prices were still 2.3 percent lower.

The downward trend for home prices that started in August 2022, sparked by higher mortgage interest rates, is definitely over. Home prices have increased slightly every month for the past five months. The high demand and shortage of supply outweigh the increased interest rate in the price development, pushing prices higher.

Last month, the average transaction price for an existing owner-occupied home was 424,521 euros. Compared to the low point in the housing market in June 2013, Dutch homes were still 92.0 percent more expensive in October.

The Land Registry recorded 15,705 housing transactions in October, almost 6 percent more than a year earlier. In the first ten months of this year, 147,590 homes changed ownership, nearly 6 percent less than in the same period in 2022.