Swedish housing prices were little changed in July, as the battered market entered a wait-and-see mode before activity picks up again after the summer.

Apartment prices fell 1% last month, while the average price of detached houses rose by as much, according to data on Thursday from Svensk Maklarstatistik, which is owned by the Association of Swedish Real Estate Agents.

While Sweden’s housing market has recouped some losses from a 2022 rout brought on by high inflation and aggressive interest-rate increases, there is still a risk of further price declines as Sweden’s central bank is expected to raise its benchmark rate at least one more time this year.

The number of homes trading hands in the summer months is typically low, and this year, the number of transactions in May, June and July fell by 12% from the same period last year, according to Maklarstatistik.

“The question on everyone’s mind is how prices will develop during the fall,” Joakim Lusensky, head of analysis at the brokers’ association, said in a statement. “The majority of the association’s members expect prices to remain unchanged, but more of them believe that prices will rise than drop.”

That optimism is not reflected in economists’ views, as most forecasters continue to pencil in about a 20% drop from the early 2022 peak. According to the Maklarstatistik data, apartment prices had fallen by 11% in July, while house prices were almost 12% lower than last year’s record level.

Read More: Sweden’s Builders Fear Protracted Slump as Housing Falters

In June, the average mortgage rate for new loans with a three-month fixed rate was 4.41%, up from 1.81% a year ago, according to data from Statistics Sweden.

In neighboring Denmark, home prices rose for a fifth consecutive month, spurred by increased purchasing power and stabilizing interest rates. The rebound over the past months comes after prices dropped more than 10% from the peak last year.

Read More: Danish House Prices Rise as Outlook Improves, Rates Stabilize

--With assistance from Joel Rinneby and Sanne Wass.

(Updates with Danish house prices in final paragraph)