The average house price in Caerphilly County Borough has fallen slightly over the last three months, research by Principality Building Society suggests.
While the average price fell by 1.4% to £143,842 in the second quarter of this year, it still remains 4.6% higher than 12 months ago.
The average house price in Wales is £176,456 in the second quarter – 1% higher annually but 4.3% lower than the previous quarter.
The Principality Building Society said the introduction of Wales’ Land Transaction Tax in April may have affected sales with more expensive properties bought in the first three months of the year.
It also said total house sales are estimated to be down by 5% in the first half of the year compared with the same period last year.
Commenting on the Wales-wide figures, Tom Denman, Chief Financial Officer at Principality Building Society, said: “The subdued housing market growth is consistent with the picture across the rest of the UK.
“Whilst house prices have grown modestly, the data suggests that there was an increase in higher value sales prior to the introduction of the new stamp duty in Wales, which may have driven up prices in Q1. This has resulted in a more marked fall in average prices quarter-on-quarter.
“The buy-to-let market remains subdued, which is perhaps reflected by the decline of flat sales this quarter. Lending to first time buyers is relatively good with opportunities to take advantage of low interest rates and government Help to Buy schemes.
“Next time buyers are showing more caution and this is likely a result of uncertainty around rising interest rates, Brexit and the subdued nature of the wider economy. We envisage this very modest growth to continue throughout 2018.”