Johannesburg - South African house prices grew by a nominal 15.5 percent year-on-year in May, slowing slightly from 15.8 percent in April, Absa said on Tuesday.
This brings the average price of a house in the bank's price survey to R921 300, Absa said.
House price growth was higher in March at 15.9 percent and in the first five months of the year, nominal house price growth was 15.7 percent on average compared with the same period last year.
Absa said it expects house prices growth to slow further to around 14 percent on average in 2007. "A further moderation can be expected in the remaining months of 2007," it said.
The Absa House Price Index is based on the total purchase price of houses in the 80 to 400 square-metre size category, valued at R2.7 million or less - including improvements - for which loan applications were approved by Absa. - I-Net Bridge