Residential property prices rose by 0.6% on a nationwide basis in April compared to March, new Central Statistics Office figures show.
On a yearly basis, residential property prices rose by 15.8%. This marked the 23rd annual increase in a row but was down from the annual rise of 16.8% posted in March - the largest annual increase since the height of the property boom.
Today's CSO figures show that Dublin residential prices rose by 1% on a monthly basis and are 20.2% higher on an annual basis.
Outside of Dublin, residential property prices rose by 0.3% in April on a monthly basis, while they rose by 11.4% on a yearly basis.
In Dublin, house prices rose by 1% on a monthly basis while apartment prices were unchanged.
The CSO said that at a national level, residential property prices are still 37.8% lower than their peak in 2007.
Dublin house prices are over 36% lower than their highest level in 2007 while Dublin apartment prices are over 42% lower than their peak.
Outside of Dublin, residential property prices remain 41.4% lower than the peaks reached in 2007.
The CSO figures are based on mortgage draw-downs only, and do not take into account cash transactions.
House prices are down by 0.2% nationally so far this year, while Dublin prices are down 0.6%.
Most of that drop in prices was seen in the first two months of the year, and that has now been regained on the back of increases in March and April.
The fall at the start of 2015 was most likely caused by a rush of buyers towards the end of last year, and uncertainty about changes to mortgage lending rules introduced by the Central Bank.
Commenting on today's figures, Investec economist Philip O'Sullivan said that the "path of least resistance for Irish residential prices remains to the upside".
Mr O'Sullivan said this is due to rising employment and earnings, lower taxes on incomes, and falling mortgage rates.
"On the supply side completions are running at about a third of their long-term average and less than half of what we would consider a normal level of activity to be," he added.
Merrion economist Alan McQuaid said that there was an average increase of 12.9% in house prices in 2014, up from 1.8% in 2013.
"Taking all the factors into consideration, and assuming price rises continue to moderate over the rest of 2015, an average increase of close to 10% is now projected for 2015," the economist added.
