Residential property prices fell again in Dublin in the month of June.
According to the latest figures from the CSO, property prices fell by 0.4% in the capital in the month, but were still 11.1% higher than in June the previous year.
Nationally, prices rose by 0.1% in the month.
Outside of Dublin residential property prices rose by 0.4% in June. Compared to a year earlier, prices were up 9.7%.
At national level, residential property prices at the end of June were 37.4% lower than their peak level in 2007.
Dublin residential property prices overall were 38.4% lower than their highest level, while outside of the capital residential property prices were 40.5% lower than their highest level in 2007.
Alan McQuaid, economist with Merrion Stockbrokers, said a continuation of the monthly price rises seen in the second quarter over the remainder of 2015 would result in just a very low single digit annual increase come December.
"Still, the generally better economic backdrop, particularly in relation to the labour market, should see house prices remaining higher on a year-on-year basis for a while yet even with credit restrictions and increased planning permissions," he said.
"There was an average increase of 12.9% in house prices in 2014, up from 1.8% in 2013. Taking all factors into consideration, we are now looking for an average increase of around 8% for 2015," he added.
Conall Mac Coille, chief economist with Davy, said the catalyst for a slowdown was the introduction of the Central Bank's lending rules in February.
"Affordability was already serving as a constraint on the Irish housing market before the CBI rules came into force. Irish house prices are now five times average incomes, a similar multiple to the UK. Valuations have become most stretched in Dublin, at six times average incomes.
"However, there are increasing signs of positive wage growth in the Irish labour market. Rising incomes should allow Irish house prices to rise moderately over the medium term without stretching affordability further," he concluded.
