Prices and activity in the housing market continued to rise in the year to November 2017.

That is according to the latest data from the Central Statistics Office (CSO).

In the year to November, residential property prices nationally increased by 11.6%.

This compares with an increase of 11.8% in the year to October, and a rise of 9.2% in the 12 months to November 2016.

In Dublin, residential property prices increased by 11.3% in the year to November.

Source: CSO

The CSO says Dublin house prices increased 11.5%, while apartments in the capital increased 11.8% in the same period.

The highest house price growth was in Dublin city, at 13.3%. In contrast, the lowest growth was in Dun Laoghaire-Rathdown, with house prices rising 10.8%.

Residential property prices in the rest of Ireland (excluding Dublin) were 11.7% higher in the year to November.

House prices here increased 11.6% over the period, with the west showing the greatest price growth - increasing by 16.0%.

The mid-west region showed the least price growth, with house prices increasing just 8.9%.

And apartment prices in the rest of Ireland increased 13.2% in the same period.

Overall, the national index is 23.1% lower than its highest level in 2007.

Dublin prices are 24.1% lower than their February 2007 peak - while residential property prices in the rest of the country are 29.2% lower than their May 2007 peak.

Largest month of transactions

Dermot O'Leary is chief economist with Goodbody.

"For 2018, we expect more of the same, with supply shortages continuing despite the recovery in the new build space being in train", he says.

"Every region continues to see double-digit price inflation with little in the way of a Dublin/outside Dublin split.

"However, the recovery in prices in Dublin has been faster.

"House prices are now 22% below 2007 peak levels, whereas house prices outside the capital are still 28% below."

Goodbody also says housing transactions maintained strong growth momentum in November, with 5,873 transactions recorded - an 11% increase year-on-year.

This was the largest month of transactions since January 2015.

On a rolling 12-month basis, the level of transactions has breached the 60,000 threshold for the first time in the post-crisis era.

The most notable aspect of the trends relates to new homes being purchased.

Goodbody says while the numbers remain small, November saw the largest number of new home sales to households in the series since January 2010.

Purchases of new homes by first-time buyers also grew by 49% year-on-year in the 11 months to November.

However owner-occupiers represent the largest cohort of buyers, accounting for 36%.

Regionally, Dublin has seen the most rapid growth in new home sales - up 92% - while the greater Dublin area accounted for 64% of the new home purchased in the past 12 months.