Swedish property prices rose slightly for a fifth straight month, according to realtor data that adds to evidence of stabilization after sharp declines that shook the market and weighed on the economy.

June saw a 1% increase in the average price of detached houses, while apartments were unchanged, according to figures from realtor organization Svensk Maklarstatistik. The recent gains follow a long rout that made the Nordic country emblematic of a global trend brought on by high inflation and aggressive interest-rate increases by central banks.

The latest developments in Sweden’s market for private homes have taken experts by surprise, as prices appear to be withstanding rising mortgage costs and elevated inflation better than expected. The relief may be temporary, however. Most forecasters expect prices to decline until they are about 20% lower than a peak in early 2022, though some — including the Riksbank — have recently turned slightly more optimistic.

“Even though the Riksbank probably isn’t done raising rates, a majority of our members expect the stabilization to continue in the third quarter,” said Joakim Lusensky, head of analysis at the realtors’ organization. “At the same time, drastically higher housing costs have made it more difficult for people to move, which is evident in low transaction volumes.”

The data from Maklarstatistik, which isn’t adjusted for seasonal effects, indicates that the average price of a house is about 12% lower compared with last year’s high. Apartments are down 9% in that period.

Focus has recently turned toward the commercial property market in the biggest Nordic nation, where a number of landlords struggle to refinance maturing debt after years of leveraged growth.

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