Residential property price growth slows to 13% in July

Residential property prices rose at the slowest pace in nearly a year in July, climbing 13% year on year, from 14% in June, according to new figures from the Central Statistics Office today.

Property prices outside Dublin rose by 15.2% on the previous year, while residential property prices in Dublin rose by 10.4%.

The CSO said house prices in Dublin rose by 10.5% and apartment prices rose by 9.6%.

He noted that the highest growth in house prices in Dublin was in Fingal with 11.8%, while Dún Laoghaire-Rathdown recorded a rise of 9.1%.

Outside Dublin, house prices increased by 15.3% and apartment prices by 13.4%.

The region outside Dublin that saw the biggest rise in house prices was the West (Galway, Mayo, Roscommon) at 19.1%, while at the other end of the scale the Mid-West (Clare, Limerick, Tipperary) recorded a 12% increase. % ascend.

Today’s figures show the median price of a home bought in the 12 months to July was €295,000.

The lowest median price for a house over the reporting period was €145,000 in Longford, while the highest median price was €610,000 in Dún Laoghaire-Rathdown.

Meanwhile, the most expensive Eircode zone over the past 12 months was A94 ‘Blackrock’, with a median price of €720,000, while H23 ‘Clones’ was the cheapest at €117,500.

The CSO said nationwide house prices are now up 124.7% from their lows in early 2013.

Residential property prices in Dublin are up 128.1% from their February 2012 low, while house prices in the rest of the country are 129.9% higher than their May 2013 low.

Today’s CSO figures show a total of 4,443 home purchases were filed with Revenue in July, up 16.2% from 3,822 purchases in July last year and an 8.7% increase from 4,087 purchases in June.

The total value of transactions filed in July was 1.6 billion euros.

Existing homes accounted for 80.2% of purchases filed in July, a 10.6% increase from the same period last year, while 19.8% were for new homes, a jump of 46.4% compared to July 2021.

House prices returned in June to levels not seen since a credit-fueled spike in 2007 that led to a housing crash.

Analysts this time attributed the price growth to a lack of supply rather than a glut of credit.

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