House Prices Fall Slightly For...


House Prices Fall Slightly For First Time In Three Years

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House prices cost less in many counties now than they did a year ago.

That's according to the latest house price report which shows nationally prices are 0.5 percent cheaper than last year.

It's the first time in three years that house prices have fallen.

The average listed price nationwide in the second quarter of 2023 was €309,648, up 2.4% on the average for the first quarter - but slightly lower than this time last year and one-sixth below the Celtic Tiger peak.

In Dublin, prices in the second quarter of 2023 were 1% lower than a year previously, compared to a fall of 6% seen a year ago.

The average price of a home in the city is now €425,000, 14% below peak levels.

Ronan Lyons, economist and report author, said supply appears to be weakening.

"The change in market conditions over the last 12 months is clear from the figures in this latest report," he said.

"A year ago, double-digit inflation in housing prices was still prevalent across much of the country.

"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-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.

"While this year is unlikely to bring any substantial increases in housing prices, underlying issues stemming from housing shortages will persist," he added.

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