The average house price rose 6.4% in April compared with a year earlier, according to First National Bank's monthly property barometer.
FNB's house price index, which was set to 100 in January 2001, reached 167 points in April. The index is adjusted for inflation. Without adjusting for inflation, house prices have nearly tripled over the past 15 years.
House prices grew over the past year at about the same pace as inflation measured by the consumer price index, said FNB household and property sector strategist John Loos.
According to FNB's index, South African house prices peaked at 204.3 points in December 2007 and have since declined by 18.3%.