Average house prices continue decline
Average national house prices fell by 1.5% in June, according to the Permanent tsb / ESRI House Price Index.
This continues the trend started in May (-1.3%), and which peaked in April (-1.9%).
In the first six months of 2009 national house prices have fallen by 7.7% which compares to a reduction of 5.0% in the same period last year.
Measured over the 12 months (year on year) to June, national prices were down by 11.7%.
This compares to a decline of 10.9% recorded in the 12 months to May 2009.
The average price for a house nationally in June 2009 was €241,504, compared with €261,573 in December and a peak of €311,078 in February 2007.
Commenting on the results, a spokesman for Permanent tsb said: “The index today confirms the pattern of recent months; poor demand and significant oversupply have combined to cancel out the benefits of lower interest rates to mean that prices continue to weaken. This pattern is likely to persist for some time."
