House prices fell by 1.1% in the year to May.

The CSO says that compares to a decline of 15% in the 12 months leading up to May 2012. The previous month's drop was 1.2%.

House prices are now 50% lower than their highest level in early 2007.

Prices rises

Twelve month figures might show a drop, but looking at May by itself, prices actually rose by 0.3%. Still, that's a slower increase in comparison with the figure recorded for April of 0.8%.

Dublin

In Dublin residential property prices grew by 0.5% in May and were 1.4% higher than a year ago. House prices reflected similar growth, up 0.5% in the month and up 1.3% on the previous year's figure. But on apartments, prices were 1.2% lower when compared with the same month of 2012.

Rest of Ireland

The price of residential properties outside Dublin grew by 0.1% in May. Last May, prices grew by the same amount, 0.1%. However, prices were 2.8% lower than in May 2012.