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New and Existing Dwellings

New and Existing Dwellings

Online ISSN: 2009-5236
CSO statistical publication, , 11am

New dwelling prices rise by 11.1% in the year to the first quarter

Residential property prices of new dwellings in the first quarter of 2023 were 11.1% higher than in the corresponding quarter of 2022. This compares with an increase of 10.1% in the year to the fourth quarter and an increase of 6.2% in the four quarters to Q1 of 2022.

Prices of existing dwellings in the first quarter of 2023 were 3.5% higher than in corresponding quarter of 2022. This compares with an increase of 8.2% in the year to the fourth quarter and an increase of 17.7% in the four quarters to Q1 of 2022. See Figure 2.1.

Figure 2.1 Price indices for new and existing dwellings: annual % change
Table 2.1: Price indices for new and existing dwellings

Overall, prices of new dwellings have risen by 105% from their trough in the middle of 2013. Prices of existing dwellings are now 129.4% higher than at their trough in 2012. See Figure 2.2.

Figure 2.2 Price indices for new and existing dwellings
Note

The price indices for new and existing dwellings are produced on a quarterly basis and at the national level only. This is due to the low transaction numbers for new dwellings, which would result in a highly volatile monthly index. Pooling the transactions over a quarter, rather than a month, allows for the calculation of more robust estimates of price change.

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