Real home prices came down in June

The housing market is struggling.

Home prices failed to keep up with inflation, rising by 4.1% year-on-year in June, according to the FNB House Price Index.

The Money Show’s Bruce Whitfield asked FNB Property Economist John Loos to look broadly into the health of South African residential property.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

The nice part of this market is that it is free of all irrational exuberance.

John Loos, FNB

It’s not surprising that house prices are in real decline… It’s in line with economic conditions…

John Loos, FNB

The Western Cape seems to be slowing down… A year or two ago it was red hot… Gauteng looks like the most affordable market…

John Loos, FNB

The higher up the price ladder, the weaker the market is…

John Loos, FNB

We’ll see interest rates start to move up…

John Loos, FNB

The market is flat, because the economy is flat.

John Loos, FNB

You should expect to see weak levels of building… A far cry from the boom years of 2007…

John Loos, FNB

The way to address the housing problem is higher levels of densification… and to look at cheaper building techniques and materials… and mass, affordable transport…

John Loos, FNB

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