Absa Home Loans - Housing Review
On a national basis nominal house price growthslowed down to only 4,7% in the second quarter of 2008 compared with the same quarter last year, while there wasno price growth compared with the first quarter of the year. In real terms, prices dropped by an average of 5,6% year-on-year in the second quarter.
The slowdown in the housing market was, however, more visible at a regional and segment level. On a quarter-on-quarter basis, nominal house price growth was negative in most regions in the small, medium and large categories of the market. If these growth rates are to be calculated in real terms, the slowdown will be even more pronounced. Price growth remained relatively strong in the commodity-driven provinces of the Free State, North West and the Northern Cape.
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