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Annual home-price growth slows to 2.2%

16 Aug 2023 / property Print

Annual home-price growth slows to 2.2%

Residential-property prices rose at their slowest pace since December 2020 during June, according to figures from the Central Statistics Office (CSO).

Prices of houses and apartments increased at an annual rate of 2.2% – down from a revised 2.6% in May.

The figures show, however, that prices of homes increased by 0.6% during the month, halting a four-month trend of monthly declines

Dublin house prices fall

Prices in Dublin dropped by 0.9% in the 12 months to June, while prices outside the capital rose by 4.5%.

A breakdown showed that house prices in Dublin fell at an annual rate of 1.1% in June, while apartment prices were down by 0.2%. The highest house-price growth in Dublin was in south Dublin at 2.6%, while Dublin City saw a decline of 3.8%.

Outside Dublin, house prices recorded an annual increase of 4.7% and apartment prices rose by 2.3%. The region outside of Dublin that saw the largest rise in house prices was the south-east (5.5%).

Fewer purchases in June

During June, households bought 4,025 homes at market prices – a fall of 1.7% compared with the 4,094 purchases in June 2022. Just over 80% of these transactions involved existing homes, with new homes accounting for just under 20% of the market.

The median price of a residential property in the 12 months to June was €318,000.

The CSO figures show that residential-property prices of new dwellings in the second quarter of 2023 were 11% higher than in the corresponding quarter of 2022. A similar annual increase was recorded in the first quarter of 2023.

Prices of existing homes in the second quarter of 2023 were 0.6% higher than in the same period last year. The annual rate of growth for existing homes has slowed sharply since hitting 17.7% in the first quarter of last year.

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