The number of house sales is still increasing, with the number of transactions up 44% in the first two months of the year.
The property price register indicates there have been 6,650 property sales so far in 2015.
Asking prices also rose by 2.2% nationally and 2.5% in Dublin in the first quarter of this year.
The average asking price for a house is now €198,000 nationally - or €276,000 in Dublin - according to the MyHome.ie Quarter 1 property report.
The report, in association with Davy, also found that affordability is most stretched in Dublin and the Mid East region.
Source: MyHome.ie
The house price to income ratio is highest in Dublin and Mid Leinster at 5.9 and 4.9 respectively - while the Midlands at 2.8 and the Mid West at 3.4 looks most affordable.
It also says that population increase and supply constraints will support prices in the medium term.
And it found that new lending rules from the Central Bank may have reined in price expectations, while the end of capital gains tax exemptions may have inflated demand mid-year, leading to price falls towards the end of last year.
Angela Keegan from MyHome.ie says there is evidence that the rate of house price increase is moderating.
