rices increased by 14.4pc nationally in the year to May.
This compares to an increase of 14.5pc in the year to April 2022, according to the Central Statistics Office.
In Dublin, prices saw an increase of 11.7pc in the year to May, while property prices outside Dublin were 16.6pc higher.
There was a monthly rise of 0.8pc in May, up from 0.4pc in April and 0.5pc in March.
The slower monthly rate of rise in April and March had been seen as an easing in the rapid pace of property price inflation.
But the pace of rises appears to have picked up again in May.
In May last year the annual rate of increase was at 5.4pc.
But it is now almost three times that rate.
The region outside of Dublin that saw the largest rise in house prices was the South-East with prices up by 21.5pc in the past year.
Properties in the Midlands are 18.7pc more expensive than a year ago.
The price surges mean the national index is just 1.1pc off the peak in the market seen in 2007.
Dublin residential property prices are 9.3pc lower than their February 2007 peak.
Residential property prices in the Rest of Ireland are 2.3pc lower than their May 2007 peak.
Property prices nationally have now increased by 120pc from their trough in early 2013.
Existing dwellings accounted for 3,079 (82.5pc) of the dwelling purchases filed with the Revenue Commissioners in May. This is 82.5pc of purchases.
The balance of 652 (17.5pc) transactions were new dwellings.
Households paid a median, or mid-point, price of €290,000 for a residential property in the year to May.
The lowest median price paid for a dwelling was €138,000 in Longford, while the highest was €601,000 in Dún Laoghaire-Rathdown, CSO statistician Viacheslav Voronovich said.
Property price inflation for second-hand homes is higher than it is for new homes.
Prices of new dwellings in the first quarter of this year were 6.2pc higher than in the same three months of last year.
Prices of existing dwellings in the first quarter of this year were 17.8pc higher than in corresponding quarter of 2021.
Overall, prices of new dwellings have risen by 84.4pc from their trough in the middle of 2013.
Prices of existing dwellings are now 122pc higher than at their trough in 2012.
Economist with Goodbody Stockbrokers Dermot O’Leary said it was strong month, and he would not read too much into one month’s figures.
“I still expect price rises to slow down as the year progresses due to the headwinds consumers are facing in terms of rate rises and the pressure on real disposable incomes,” Mr O’Leary said.
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