> Of course 9.5 is the current release so the answer is Yes, since 9.5

https://www.postgresql.org/docs/current/static/sql-creatematerializedview.html

What am I missing. I don't see any support for incremental refresh.

Just in case we are not speaking the same thing:  When a MV is created for the 
first time on a base table, all further updates on the base table, will be 
handled by only applying the delta changes to the base table. That is called 
incremental refresh. Check how DB2 does it:

http://www.ibm.com/support/knowledgecenter/SSEPGG_9.7.0/com.ibm.db2.luw.sql.ref.doc/doc/r0000977.html

Or does " REFRESH MATERIALIZED VIEW." does it only incremental refresh.

Does PG have a concept of MV log, from where it can detect the delta changes 
and apply  incremental changes quickly.

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