Home sales in South Africa fell by about 8% in the second quarter of 2026 compared to the same time last year. High interest rates and global economic worries weighed on buyers.
The figures come from national deeds office data published in the Remax National Housing Report for Q2 2026. Sales dropped in almost every province, according to the report.
“Lower transaction volumes do not necessarily mean that demand for property has disappeared. There are simply fewer properties changing hands,” said Adrian Goslett, CEO and regional director of Remax Southern Africa.
Goslett said fewer sales can mean limited stock in some areas. He said that where there is not enough stock to meet demand, prices can rise sharply.
Even though fewer homes were sold, the total value of residential property sales grew. The report said this value rose by about 3.91% year on year.
The Remax network itself did better than the wider market. It reported 6.4% growth in activity over the same period. Its reported sales rose by 5.06%, and registered sales went up by 6.03% compared to Q2 2025.
Asking prices also climbed. The average active listing price in the Remax network reached R3 313 646 in Q2 2026. That is 12% higher than in the first quarter.
The Western Cape, Gauteng and KwaZulu-Natal remain the country’s biggest property markets. Together they make up about 85% of all national market activity, the report said.
The Western Cape had the highest total market value. But Gauteng grew its share of the number of homes sold.
According to Remax data, Gauteng made up about 48% of all network sales in the second quarter. In 2024, that share was 38%.
Online searches showed the same pattern. Four of the top five most searched suburbs on the Remax website were in Gauteng.
“Gauteng remains a market worth watching. The province continues to account for a significant share of property transactions,” Goslett said.
He said the level of buyer searches showed there was still strong interest in the province. “These could be early signs of renewed momentum in Gauteng’s residential property sector,” he said.
The report said high borrowing costs and an unstable economy continue to put pressure on buyers. “The property market has not been immune to these pressures,” Goslett said.
He said experienced estate agents can help buyers and sellers understand the risks and find opportunities in their local market.
Source: this article is based on reporting by Moneyweb. Image: Moneyweb. Written with the help of AI and published by the Tzaneen Voice Business desk. See our Editorial Standards.
Anelisa Nkuna covers business and money news for Tzaneen Voice. Anelisa reports on the rand, fuel prices, interest rates, jobs, Eskom, Transnet, farming and company results. The aim is simple: explain what the numbers mean for household budgets, small businesses and workers in South Africa.