The value of house prices rose nationally by 0.5 per cent during the month of May, according to figures released by permanent-tsb/ESRI House price index.
This marked an increase of 0.2 per cent on April figures.
For the first five months of the year, house prices rose by 1.8 per cent, the lowest opening five months in nine years. Last year growth was at 3.7 per cent for the same period.
The price of a house nationally in May of this year was €258,898, an increase of just under €16,000 on that recorded in May 2004.
House prices in Dublin and outside Dublin increased by 0.8 per cent and 0.6 per cent respectively in May 2005.
The figures also revealed that the average price of a house in Dublin (€343,562) stood at 53 per cent higher in May than the price of a house outside Dublin (€224,366).
Commenting on the results, Niall O'Grady, head of marketing at permanent-tsb bank, said: "While the figure for national house price growth continues to be exceptionally low, there are some significant variations with different sectors of the market.
"In particular its striking that house price growth for first time buyers was 3 per cent over the first five months of the year - compared to just 1.5 per cent for second-time buyers," he added.