The price of homes fell in Jersey by an average of 5% in the first six months of 2010 compared to the average for all of 2009, new States figures say.
The Jersey House Price Index showed the average cost of a house was £476,000 by the end of June.
The average was £497,000 for all of 2009, the States' Statistics Unit said.
The statistics are worked out by combining the average price of one and two bedroom flats, with two, three and four bedroom homes.
A three-bedroomed house has fallen below £500,000 for the first time in two years, the index also revealed.