House prices slowing due to better supply
Louth is the only county to have show a decline in house prices according to the latest Daft.ie Sales Report released last week.
The survey shows that in Louth, prices in the second quarter of 2019 were 1% lower than a year previously, compared to a fall of 3% seen a year ago. The average house price is now €215,000, 38% below peak levels.
Louth also showed the biggest increase of newly constructed homes coming on the market with 440 properties, representing a 90% year on year increase.
Average prices fell across one bedroom apartments, which at €92,000 showed a decrease of 2.3%, two bedroomed terrace were down 3.7% at €119,000, while the biggest decrease was for three bedroomed semi-detached homes, which fell by 6.4% to €159,000.
The market for larger properties remained stronger with the average price for a four bedroomed bungalow up by 0.04% to €315,000 while the price of a five bedroomed detached house jumped by 4.25% to €347,000.
Natationally, the rate of inflation has cooled, with a result that while house prices in the second quarter of 2019 were 3.7% higher than a year previously, it represents the lowest rate of inflation since late 2013,
However, despite the slowdown in inflation, the average price nationwide is now 60% higher than its lowest point in 2013.
The number of properties available to buy on the market nationwide was above 24,000 in June, up nearly 3% year-on-year.
Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Report, said: 'The steady improvement in construction activity is finally converting into housing market outcomes. More properties were put up for sale in May than in any single month since early 2008.