Residential property prices fell by 0.4% in October on an annual basis, new Central Statistics Office figures show.

This compares to a decrease of 0.8% in the year to September and an increase of 1% the same time last year.

The drop in October was the fourth decrease in annual prices in a row. Prices declined for the first time in seven years in July in the wake of the Covid-19 disruption.

On a monthly basis, the CSO said that property prices rose by 0.5%.

Today's figures show that Dublin house prices decreased by 1.5% and apartment prices increased by 1%. 

The CSO noted that the highest house price growth in Dublin was in Fingal at 2.5%, while Dublin City saw a decline of 4.4%.

Outside of Dublin, house prices were up by 0.5% and apartment prices up by 0.6%. 

The region outside of Dublin that saw the largest rise in house prices was the South West at 3.3%, while at the other end of the scale, the Mid-West saw a fall of 4%.

The CSO said that property prices nationally have increased by 84.6% from their trough in early 2013. 

Dublin residential property prices have risen 92.5% from their February 2012 low, while residential property prices in the Rest of Ireland are 84.9% higher than their trough in May 2013.

Today's figures show that home buyers paid a median price of €257,992 for a home on the residential property market in the 12 months to October.

The Dublin region had the highest median price of €375,000 and within the Dublin region, Dún Laoghaire-Rathdown had the highest median price at €534,999 and South Dublin had the lowest at €350,000. 

The highest median prices outside of Dublin were in Wicklow (€335,000) and Kildare (€315,000), while the lowest price was €109,000 in Longford.

The CSO said that a total of 3,845 home purchases at market prices were filed with Revenue in October. 

It said this represents a 13.2% decrease compared to the 4,428 purchases in October last year, and a 20.4% increase compared with the 3,193 purchases in September 2020. 

The total value of transactions filed in October reached €1.2 billion, it added.

Commenting on today's CSO figures, Goodbody's chief economist Dermot O'Leary said that housing transactions have continued to recover over recent months after sharp falls in the first lockdown in April and May.

Dermot O'Leary said that transactions filed fell by 17% year on year - the best performance since March - and which left sales filed down by 19% in the year to October.

Within this, the new homes market has outperformed the second-hand homes market due to ongoing growth in sales to "non-households", which includes approved housing bodies and the private rental sector, he added.

Sales of new homes to non-households grew by 17% in the first ten months of the year, compared to a 20% decline in new home sales to households.

"There has been a debate recently about the role the private sector should play in the provision of public housing. More data is required on the relative efficiencies of the different models, but it is clear to us that the public sector will have the leverage strongly off the private sector in the coming years if public housing targets are to be met," the economist said.