Residential property prices fell by 12.5% in the year to July, according to newly released figures from the CSO.
This compares with an annual rate of decline of 12.9% in June.
Residential property prices fell by 0.8% in the month of July, an improvement on the 2.1% decline recorded in June, which was the biggest monthly fall for two years.
After a 2.4% dip in June, Dublin residential property prices in July remained the same and were 11.9% lower than a year ago, according to the Residential Property Price Index.
Dublin house prices increased by 0.3% month-on-month and were 11.6% lower compared to a year earlier.
Dublin apartment prices fell by 1.9% in July compared with the June figures and were 13.7% lower when compared with the same month in 2010.
Outside of Dublin, residential property prices fell by 1.3% in July compared with June, an annual decrease of 12.8% on the July 2010 figure. There was a monthly decline of 1.5% in July of last year.
Overall, property prices are almost 43% lower than the peak in early 2007.
House prices in Dublin are just under 47% lower than their highest level, with apartments just over 54% lower.
Overall residential property prices in Dublin are now almost 49% lower than at their highest level in February 2007. Outside of Dublin, there is an almost 40% decrease.
