The price of apartments dropped by 0.6 percent in August, while detached houses saw a drop of 0.2 percent, according to figures from the property statistics provider Svensk Mäklarstatistik.

At the same time, the number of homes on offer was high, with 11 percent more properties selling in August than during the same time last year.

“That’s also a factor affecting prices,” Fredrik Kullman, CEO of estate agency Bjurfors Sverige, wrote in a press statement. “Usually we see prices rise in August, but we’re seeing now that the market hasn’t really gotten itself out of its hammock. The reason for this is obviously the high number of properties on offer,” he continued.

According to Kullman, many properties were taken off the market in the spring due to interest rates being at such a high level, which were then put back on the market in August instead.

The central bank is also expected to cut interest rates again in a few weeks, which would mean a key interest rate of 3.25 percent, if it makes a 25 percentage point cut as expected.

Experts are divided on how prices are likely to change during the autumn. 

“We think prices are going to remain relatively still, considering the number of properties on offer and the state of the economy,” CEO of Svensk Fastighetsförmedling, Erik Wikander, wrote in a press statement.

Marcus Svenberg, CEO of Länsförsäkringar Fastighetsförmedling, expects instead to see prices rise by a few percent during the autumn.

“At the same time, there are some risk factors, like geopolitical unrest, developments in American and European interest rates, and the record-high number of properties on offer,” he said.