Average house prices nationally fell by 1.5% between September and December last year, following two quarters of price rises earlier in the year.
That is according to the latest House Price Report for Q4 of 2023 published today by Daft.ie.
Dublin saw its smallest annual increase since 2019.
The average listed price in the final quarter of 2023 was 3.4% higher than a year previously, the smallest annual increase since 2019.
Prices rose in the second and third quarters of 2023 but fell, by an average of 1.5%, in the final quarter of the year.
Regional differences exist - with prices up 7.6% year-on-year in Connacht-Ulster compared to an annual increase of just 0.8% in Leinster outside Dublin.
Nationally, notwithstanding the fall late in the year, prices in the final quarter of 2023 were 3.4% higher than the same period a year earlier, reflecting those increases seen in the second and third quarters.
While prices in Dublin (up 2% year-on-year) and the rest of Leinster (up 0.8%) are close to stable, elsewhere in the country saw greater inflation during 2023: 6.4% in Munster and 7.6% in Connacht-Ulster, respectively.
The total number of properties available to buy on December 1st was just over 11,100, down 27% on the same date last year and less than half the pre-covid 2019 average of 24,000.
Leinster
Listed prices in Leinster (outside Dublin) fell by 3.7% in the final quarter of 2023, the largest quarterly fall since 2011.
With a Q4 fall offsetting earlier gains, prices in Leinster in Q4 were just 0.8% higher than a year previously, the lowest inflation since mid-2020.
There were fewer than 3,000 homes on the market in Leinster (outside Dublin) on December 1, down 26% year-on-year and the lowest total since mid-2022.
There was a 3% increase in the number of transactions in Leinster (excluding Dublin) in the first 9 months of 2023 compared to the same period in 2022.
Munster
The average listed price in Munster fell by 1.6% between September and December, the first quarterly fall in a year.
Notwithstanding the Q4 fall, Munster prices in the final quarter were on average 6.8% higher than a year ago.
There were just over 3,100 homes on the market in Munster on December 1, down 23% year-on-year and the lowest total since early 2022.
The number of transactions in Munster in the first 9 months of 2023 was largely unchanged compared to the same period in 2022.
Connacht/Ulster
While prices fell in other regions, the average price in Connacht-Ulster rose in Q4 - by 0.8% on average (outside Galway City).
Compared to a year ago, listed prices in Connacht-Ulster are 7.6% higher - down from a peak inflation rate of 20% in early 2022.
Source: Daft.ie