Its latest survey reveals that in August slightly more surveyors saw prices fall locally than saw them rise.
This was the first time this had happened since October 2005.
The survey contradicts the evidence of all other house price surveys, but Rics said enquiries from new buyers had also fallen for the ninth month in a row.
"Affordability is at its most stretched in over a decade and many will worry that rising mortgage repayments will prove a step too far," said Ian Perry of Rics.
"The market will soften further, going into the autumn, reducing some impetus from those that have been chasing a rapidly-moving target," he added.
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