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Renewed economic weakness in store for SA's housing market

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Cape Town – House price growth slowed for the third consecutive month in June pointing to a period of renewed economic weakness in the sector, John Loos, household and property sector strategist at FNB, said in a company note.

In June 2017, the FNB House Price Index – compiled from 18 sub-segment average house price time series - showed year-on-year growth of 3.6%, slightly higher than May’s 3.3% growth.

However in real terms, when adjusted for inflation, the rate of house price growth remained in negative territory, having recorded a -2.0% year-on-year decline in May. Data for June is not yet available.

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