South African house prices fell the most in 23 years in June, dropping -4.4% from 12 months earlier, according to Absa Group Ltd, the country’s biggest mortgage lender.
The average nominal house price dropped to 924,600 rand as prices fell -0.5% in the month, according to ABSA.
South Africa is in its first recession in 17 years, pushing up unemployment, slowing consumer spending and depressing house prices.
The Reserve Bank has cut its benchmark interest rate five times since December, dropping it to 7.5%, to help revive the economy.
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