Mayo house prices in second quarter up 1% on last year

HOUSING prices in the second quarter of 2023 were 0.5% lower nationally than a year ago, according to the latest Daft.ie House Price Report released today by Ireland’s largest property website, Daft.ie.

This marks the first time since mid-2020 that prices have fallen in year-on-year terms.

In Mayo, however, prices in the second quarter of 2023 were 1% higher than a year previously, compared to a rise of 16% seen a year ago.

The average price of a home in the county is now €204,000 - 21% below its Celtic Tiger peak.

Between March and June, prices in Dublin were on average 0.6% lower than a year previously. Cork and Galway cities saw larger falls in year-on-year terms, of 3.3% and 2.1% respectively.

Outside the cities, prices in Leinster were unchanged compared to a year ago and up 0.6% in Connacht-Ulster, while in Munster they were down 1%.

The number of homes available to buy on June 1 stood at just over 13,000 - up 5% on the same date last year but well below the 2019 average of 24,200. In all parts of the country, the rate at which availability has increased has slowed in recent months.

Commenting on the report, its author, Ronan Lyons, economist at Trinity College Dublin, said: “The change in market conditions over the last 12 months is clear from the figures in this latest report. A year ago, double-digit inflation in housing prices was still prevalent across much of the country. Now, very few markets are seeing prices more than a percentage point or two higher than a year ago - and those increases largely reflect increases seen March-June last year.

“But while demand has weakened, the post-Covid recovery in supply also appears to be weakening, in both new and second-hand segments. Thus, while this year is unlikely to bring any substantial increases in housing prices, underlying issues stemming from housing shortages will persist.”