Asking prices for Irish homes rose more than 4% in the second quarter of the year, breaking a streak of three consecutive quarterly declines, despite recent interest rate hikes.
The median asking price rose 4.3% between April and June compared with the first quarter of 2023, according to a new report by property website MyHome.ie. In Dublin, quarterly asking prices were 3.3% higher than the previous three months.
Annually, national asking prices climbed 2.2% to the end of June, according to the report compiled in conjunction with stockbroking firm Davy. However, homes are being sold for 1.4% over asking prices compared to between 5% and 6% a year ago, reflecting a cooling in the Irish market.
The quarterly increase in asking prices suggests the market is stabilizing and may even be generating some momentum, Davy Chief Economist Conall MacCoille said. “Housing demand remains resilient.”
The report follows data published by UK mortgage lender Halifax last week which showed house prices falling at their fastest annual pace since 2011, as the UK market shows signs of strain due to rising borrowing costs.
Irish house price inflation eased to 3.6% in April, according to the Central Statistics Office, from 4% in March 2023 and a high of 15.1% in early 2022.
