New figures show that the average house price has fallen by almost €6,000 over the past 12 months.
The house price index compiled by Permanent TSB and the ESRI shows that prices dropped by 0.3% in August compared with July, giving an annual percentage drop of 1.9%.
The average price paid for a house in August was €300,375, compared with €306,173 in the same month last year. House prices have now fallen 3.3% since the start of this year.
The monthly fall in August was the smallest since prices began their downward trend in March. Permanent TSB's Niall O'Grady said the figures showed that the rate of change in prices across the country 'remained modest'.
Prices in Dublin and outside Dublin declined by 0.1% in the month, but Dublin prices recorded their first annual fall of 0.6%. House prices in the commuter counties around Dublin slumped by 1.3% in the month and are now down 5.4% in the first eight months of the year.
Prices for first-time buyers were unchanged in from July, while they were down 0.2% for second-time buyers. New house prices were down by 0.4% in August, while prices of existing houses fell by the same percentage.
