PTSB/ESRI House Price Index August

MG

This published today:

http://www.rte.ie/business/2009/0928/houses.html
House prices down 1.5% in August
"Monday, 28 September 2009 15:31
The average price of a house in Ireland fell 1.5% in August, according to new figures.

So far in 2009, national house prices have fallen by 10.1%, compared to 6% over the same period in 2008, the latest house price index from Permanent TSB/ESRI has found.

The average price for a house last month was €235,260. This represents a fall of 24.4% from the house price peak of €311,078 in February 2007. House prices now sit at January 2004 levels.

The rate of decline has been more dramatic during the summer due to low activity in the market and no confidence in any recovery this side of 2010,' said Niall O'Grady of Permanent TSB.

'Recently prices have started to fall faster in the Dublin region due to the high level of surplus stock available.'

In Dublin, house prices fell 1.9% in August. Outside Dublin, house prices fell by 2.4%.

Through the first eight months of the year, prices in Dublin fell by 12.6%, and 8.7% outside Dublin."

Can anyone explain the lines highlighted above in bold? Am I missing somthing or does this make no sense? How can the national average fall by 1.5% but the two component regions fall by more tha 1.5%???????????????????

gurramok

"'Recently prices have started to fall faster in the Dublin region due to the high level of surplus stock available."

This must be the first time an index spokesperson admitted this.

josip

You're right, it doesn't make sense. I suspect PTSB are responsible for the calculations and analysis for August. The ESRI normally get their numbers right. The fact that only 3 of the 7 fields are populated would also indicate PTSB involvement rather than the usual ESRI diligence.

Oliver1985

In the last Month I have noticed a lot more developers getting edgey offering Fully furnished and everything but yet still trying to ask 250k for a shoe box