Asking prices for homes across the country were largely unchanged during the third quarter of the year compared to the previous three months, new data from listings website Daft.ie suggests.

Between June and September average listed prices rose just 0.1%, further evidence that the pace of inflation in the property market has stalled.

According to the data, the average asking price for a home across Ireland during the three-month period stood at €311,514.

However, because price increases have only slowed in recent months, the rate of increase during the third quarter remains elevated at 7.7%, when compared to the same period in 2021.

This is down from 9.2% in the second quarter though.

The data also suggests the pressure on the availability of homes for sale is also easing.

On the first day of this month, there were nearly 15,500 listed for purchase on Daft.ie, an increase of 22% on the same date last year.

This also marked the highest total nationally in almost two years – although it is coming from an extremely low base.

"Improved stock on the market over the course of 2022 has helped reduce inflationary pressures in the sales market," said Ronan Lyons, economist at Trinity College Dublin and author of the report.

"This is most notably the case in Dublin, where the total number of listings coming on to the market in the year to August was effectively in line with the pre-Covid number."

"This has helped improve the stock on the market at any one point in time, the key predictor of future price changes."

As a result, in Dublin asking prices remained stable but outside of the capital they were up slightly.

Between the second and third quarters, in Cork city prices sought were up 0.2%, in Limerick by 0.3%, in Galway by 0.5% and in Waterford by 0.6% between the second and third quarters.

While on a provincial basis asking prices rose by 1.1% in Leinster, but dropped by -0.7% in Munster and -0.5% in Connacht-Ulster.

Despite those quarterly falls in many locations, however, year-on-year inflation remains positive in each city and county in Ireland.

"While weaker demand – due to inflation in other living expenses and to increases in interest rates – may help stabilise prices, the true solution to the high level of housing prices remains significantly increased supply, over years and indeed decades to come," said Mr Lyons.