According to the Central Bureau of Statistics, the National Statistics Office (CSO) has reported a decline of 0.5 per cent in July.
This is the first annual decline since May 2013, economists said.
Statistics show that prices rose marginally by 0.3 per cent in July.
However, there was a significant decline in the number of transactions during the month.
Prices are now stable despite the devastating effects of the epidemic on the economy.
Prices were higher in April and May but flat in June.
Experts say the price index is based on stamp duty filings, so the impact of the corona virus on the market has taken some time and it will take some time for solicitors to send it to revenue.
Residential property prices in Dublin fall 1.3% till July
Prices were up 0.2 percent in the years to July, excluding Dublin, where house and apartment prices rose.
The area in Dublin, which recorded the largest increase in house prices, was 4.3 per cent in the south-west. At the other end of the scale, the southeast fell 1.6 percent.
Revenue submitted 2,561 home purchase purchases in July. This is a decrease of 41% compared to July last year.
The total value of transactions submitted in July was $ 767 million.
The average price for a home in the 12 months to July 2020 is $ 259,000.
The highest average price in the Dublin area is $ 375,000.
The highest average price within the Dublin area is $ 530,000 and the lowest in South Dublin is $ 347,500.
Dublin had the highest average price of $ 335,000 in Wicklow and $ 305,011 in Kildare, while the lowest price was $ 108,000 in Litrim.