Residential property prices in Dublin fell in May by 0.2% compared to May of last year, according to the latest figures from the Central Statistics Office.
Outside Dublin prices continued to slow down but are still up on an annual basis by 4.5%, the CSO figures show.
Nationally, the rate of residential property inflation slowed to 2.4% in May, down from an annual rate of 3.4% in April.
In May of last year, prices nationally were increasing at an annual rate of 14.4%.
Within Dublin, the price of houses in Dublin City fell by 2.8% on an annual basis while in the city's most expensive area, Dún Laoghaire Rathdown, the price of houses has fallen by 1.6%.
Prices for houses in South Dublin and Fingal continued to go up on an annual basis.
Today's figures show that prices for both new houses and apartments were 11.1% higher in the first quarter of 2023 compared to the same quarter in 2022. Prices for second-hand properties were 3.5% higher over the same period.
There was an 18.9% increase in the volume of properties purchased compared to May of last year. 4,435 properties changed hands which was an increase of 36% on April. Their combined value was €1.6 billion.
Existing properties made up 81.5% of properties sold, an increase of 17.5% on May last year while new properties made up 18.5%, an increase of 25.6% compared to last year.
In the year to May, 33.9% of property purchases filed with Revenue were by first-time buyers. Former owner-occupiers comprised 53.8% while non-occupiers, which include investors and local authorities, made up 12.4%.
In May, there were 1,567 purchases by first-time buyers. They bought 483 new properties and 1,084 existing properties.
The CSO said the median, or mid-point, price for a property nationwide was €315,000 in May.
The median price for the Dublin region was €435,000.
The most expensive area in the country continues to be Dún Laoghaire Rathdown with a median price of €630,000 while the cheapest county remains Longford with a median price of €160,000.
Commenting on today's figures, Trevor Grant, Chairperson of the Association of Irish Mortgage Advisors said the slowdown in property price growth suggests that property prices are beginning to stabilise.
"A levelling of house prices can contribute towards a more balanced housing market which provides stability and confidence to both potential home buyers and sellers, allowing them to make better-informed decisions and consider long-term plans," he said.
"With more buyers entering into the market, it is vital that the Government starts to hit its targets around housing supply otherwise, we may see house prices start to spiral again."
