Since last year, real estate prices in many major cities across the country have increased in varying degrees, and some cities have even reached new highs recently. This is a rise in real estate prices since the country introduced a series of regulatory measures last year. Whether the economy is overheating has been debated. Against this background, some people believe that the macro-control measures introduced by the state last year did not achieve the expected results. Which of the following best refutes the above conclusions? ['If the state does not introduce a series of macro-control measures, real estate prices may rise even higher.', 'The impact of national regulatory measures on housing prices requires a process and cannot be immediate.', 'According to recent surveys, the supply of real estate has declined in the first half of this year.', 'The price of real estate is mainly affected by the relationship between market supply and demand, and it is impossible for the state to issue a prescribed price.']