The home price index released by the Rating and Valuation Department has increased by 0.46 percent to 396.3 – just 0.15 percent off the last record set in May in 2019.

Flat prices have risen for seven consecutive months, by 4.3 percent so far this year.

Meanwhile, the cost of renting a home rose for a fifth straight month in July to 179.4, up 0.5 percent from June. Rents have climbed 1.6 percent so far this year.