Residential property prices in Ireland fell again last month, reversing a temporary upward trend in the housing market in May, the latest official statistics show.

Prices across the country fell by 1.1% in June and by 14.4% on annual basis, according to the Residential Property Price Index, which is compiled by the Central Statistics Office.

The monthly decline follows a 0.2% rise in May, the first monthly rise in nearly five years which some had hoped was a turning point in the long running trend of collapsing prices.

The figures, based on mortgage drawdown data supplied by banks, showed residential property prices in Dublin, which had seen three months of consecutive growth prior to last month, fell by 0.8% in June and were 16.4% lower than a year ago. House prices in Dublin are 56% lower than at their highest level in early 2007 while apartments in the city are 62% lower than they were in February 2007.

The price of residential properties in the rest of Ireland fell by 1% in June compared with a decline of 1.9% in June last year. Prices were 13.5% lower than in June 2011.

The fall in the price of residential properties in the rest of Ireland compared with the peak of 2007 is somewhat lower at 47%. Overall, the national index is 50% lower than its highest level in 2007.