Daft.ie data shows first yearly fall in Irish house prices since 2020
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According to Daft.ie’s house price report, the average price of a home nationally stood at €309,648, which is 0.5% lower than in the second quarter of 2022.
Larger price drops of 3.3% were recorded in Cork City with the average home on sale standing at €320,793 and €345,460 in Galway, a drop of 2.1%.
Between March and June, prices in Dublin were, on average, 0.6% lower than a year previously, with the average standing at €424,732, while in Waterford City they were 0.5% lower at €225,967.
In Limerick City, however, prices bucked the trend and were 1.1% higher than a year ago at €253,581, just 2.4% below the late 2007 peak.
Outside the cities, prices in Leinster were unchanged compared to a year ago and up 0.6% in Connacht-Ulster, while in Munster they were down 1%.
The report’s author, economist Ronan Lyons, said the change in market conditions over the last 12 months is clear from the figures.
“A year ago, double-digit inflation in housing prices was still prevalent across much of the country,” said Mr Lyons.
“Now, very few markets are seeing prices more than a percentage point or two higher than a year ago, and those increases largely reflect increases seen March to June last year.
“But while demand has weakened, the post-covid recovery in supply also appears to be weakening, in both new and second-hand segments. Thus, while this year is unlikely to bring any substantial increases in housing prices, underlying issues stemming from housing shortages will persist.”
However, Mr Lyons said the report paints a mixed picture when focused on the quarter-on-quarter figures.
“Looking at the second quarter compared to the first, prices rise — and by an average of 2.4% nationally,” he said.
The report shows the number of homes available to buy on June 1 stood at just over 13,000, up 5% on the same date last year but well below the 2019 average of 24,200.
"In all parts of the country, the rate at which availability has increased has slowed in recent months."
Under the continuing housing crisis, much focus has been on the level of construction commencements and completions.
Recent figures from the CSO show there were 6,716 new dwelling completions in the first quarter, a rise of 19.1% on the same three months of 2022.