The average nominal price of houses was higher in all categories in February compared with a year ago, Absa said as it released its house price index.

"The average nominal value of homes for which Absa approved mortgage finance increased further in February 2010, with all three categories of housing, as defined by Absa [small, medium and large], recording a positive nominal year-on-year rise in values," said Jacques du Toit, senior property analyst.

In real terms, however, house prices were still lower in February compared with a year ago.

Mail & Guardian (SA)