Prices were down 1% compared to the previous quarter, the first quarterly fall since the middle of 2013.
However, prices are still rising on an annual basis and in the first quarter of this year were 6% up compared to the same period in 2014.
Between 2005 and 2007, Northern Ireland prices doubled before collapsing.
They finally reached a low point in early 2013.
Prices have been gradually recovering over the last two years and are now slightly below where they were in 2005.
There were 4,058 verified sales in the first quarter of the year, which was down on both the quarter and the year.
The figures show that detached and semi-detached houses have been back above 2005 levels since 2014, but terraces and apartments are still well below 2005 levels.
There are also significant regional variations: Prices in Belfast have risen by 9% over the last 12 months, but are up by just 4% in the west, south and east of Northern Ireland.
The recovery in the Northern Ireland housing market stalled in the first quarter of 2015, the latest official figures suggest.