5,100 mortgages worth €1.16bn were approved in July.
The figure is an approvals increase of 14.5% on the previous month and 21% compared to the same time last year.
The figures from the Banking and Payments Federation Ireland show the largest growth was among first-time buyers who made up over half of the approvals in July.
Mover purchasers accounted for less than a third while re-mortgage and switching approvals made up one-tenth.
BPFI Chief Executive Brian Hayes, says a major milestone was also hit during the month.
"We've never found that in the month of July, the figure has reached over a billion euro.
"So that's a very strong signal in terms of the strength of the mortgage market here in terms of the retail banks in Ireland.
"And it shows a very strong recovery year on year, month on month.
"A new high has been reached this month and that's quite exceptional in terms of the total volume of transactions."