A new report shows that house prices fell by 5% in the first six months of this year, knocking almost €15,000 off the average price of a house.
According to the figures, compiled by Permanent TSB and the ESRI, house prices fell by 0.6% in June from May. This was the smallest monthly drop so far this year.
The average price of a house in June was €273,392, and house prices fell by 9.7% over the previous 12 months.
Permanent TSB's Niall O'Grady said prices had fallen in all areas of the housing market, but a sharper fall in the price of new houses was due to a more aggressive approach from developers trying to stimulate some demand.
A breakdown showed that house prices in Dublin fell by 0.2% in June, while the fall elsewhere was 0.8%. House prices in the commuter counties around Dublin fell more sharply - by 1.4% - in June and are down almost 6% so far this year.
Prices of new homes fell 1.3% in the month, while second-hand prices were down 0.4%. New house prices have fallen by more than 6% this year.
For first-time buyers, house prices were 0.2% lower in June, while the fall for second-hand buyers was 0.6%.
