A new survey of economists shows that home sales probably rose last month. It could be an indication that the real estate market is stabilizing, albeit at a very slow pace.

According to a Bloomberg survey, signs of housing stabilization following the expiration of the federal government’s first-time home buyer tax credit. The program’s expiration on April 30 was blamed for the sudden plunge in sales in July.

Economists said they expect a 7% increase in the combined sales of new and previously owned homes, leading to a 4.395 million annual rate. Investors in existing homes may heave a sigh of relief, experts say. They believe that the annual pace of previously owned homes stood at a 4.1 million in August, up from the existing 3.83 million pace. If the predicted 7.1% increase materializes, it will be a huge leap from the record 27$ nosedive recorded in July. Meanwhile, new home sales are expected to rise 6.9% to a pace of 295,000.

The survey counted a new home sale upon the signing of the contract. Existing home sales, which account for 80% of the market, were logged upon the closure of the deal.

The Bloomberg estimates come a few days before the National Association of Realtors releases its report on Thursday. Aaron Smith, a senior economist at Moody’s Analytics in West Chester, Pennsylvania, said that home sales are “consistent with stabilizing growth, albeit at a slower (rate).” “Housing is in a fragile bottoming process,” he said.

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