The latest report from the Daft.ie property website says asking prices for houses have fallen by an average of 7.9% over the past 12 months and are now at their lowest level since May 2006.
Daft.ie's house price report said Monaghan and Sligo had been the most severely affected counties, with drops of 11.8% and 12.8% respectively. The report is based on an analysis of properties posted for sale on the site.
The website's economist Ronan Lyons said there was 'severe downward pressure' on prices in many areas due to a surplus of houses for sale.
The report also found that some sellers had 'unrealistic' price expectations, particularly in South Dublin, where new properties are coming on to the market €60,000 higher than those already for sale in the area.
