House prices fall for first time in three years - report

James Cox

House prices have fallen for the first time in three years.

The latest Daft.ie report shows nationally prices fell by 0.5 per cent in the past year.

That is despite an increase of five per cent in the number of homes for sale.

The average listed price nationwide in the second quarter of 2023 was €309,648, up 2.4 per cent on the average for the first quarter.

Asking prices in Dublin dropped by 0.6 per cent in the last six months.

Waterford, Cork and Galway cities also saw a fall, however, there was a one per cent increase in Limerick.

Economist and author of the Daft report Ronan Lyons said the Irish housing market is still out of balance.

"The number of homes for sale on June 1st was just over 13,000, that's only slightly above where it was a year ago, about five per cent above what it was a year ago.

"It doesn't look like the market is coming back into balance, so we're getting used to a new, tighter housing market post Covid."