In May 2017, the FNB House Price Index showed further acceleration in year-on-year growth compared with revised April growth, and has now shown accelerating growth for 5 consecutive months.
However, at 4.7%, this remains a mediocre market, and adjusting for CPI inflation implies a negative growth rate in real terms. On a month-on-month basis, the index recorded a return to slowing growth in April and May, after a strengthening period in the 1st quarter of 2017, suggesting another possible housing market and economic “soft” patch emerging.
