The FNB house price index accelerated to 7.8% year on year (y/y) in October‚ from September’s revised rate of 7%.
This is the fourth consecutive month of acceleration since the 5.84% rate recorded in June.
The average value of homes transacted in the FNB house price index was R911‚424.
In real terms - adjusting house prices for the consumer price index - house price growth was 0.99% in September.
“Evaluating longer-term performance - compared with October 2003 - the index is up 33% in real terms and 135.4% in nominal terms‚ still suggesting that the full price effects of last decade’s residential demand boom haven’t yet worn off‚” FNB household and property sector strategist John Loos said.
