The average price of homes increased by 3.7% in May offsetting the significant 5.5% fall recorded in April according to a new report from property website Daft.ie.
Nationally, the average price of a home is now listed at €254,545 which is a fall of 1.6% compared to May last year. The average rent nationally is €1,398 which is a 0.7% increase on last year.
The price fall between March and April was unprecedented. Even in the 2007-2012 crash, there was only one month – October 2011, when prices fell 4.1% – that came close.
In both April and May, across the country as a whole, the number of properties put up for sale was down over 70%.
Sale prices are now lower than a year ago in all parts of the country except Leinster (outside Dublin), where they remain 2.1% above levels seen a year ago. Munster saw the largest fall in year-on-year price, down 5.7% to €210,704.
Author of the Daft Report, economist Ronan Lyons said the housing sale markets have been more volatile compared to the rental market.
"As the economy begins to open up again after the Covid-19 lockdown, it remains to be seen the extent of the damage, in particular in the numbers out of work," he said.
"Ireland’s ability to get back to work – and to reconnect with the rest of the world economy – will be critical in restoring a healthy level of housing demand. Nonetheless, huge underlying supply shortages remain, in particular homes for renters in Ireland’s main cities.”