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After three months of gains, existing-home sales dipped in August despite slowing price growth and a rise in sales to first-time buyers. The lack of available inventory for Realtors® to show eager buyers is holding back the number of sales. This is true across the nation as well as in Flagstaff, as reported earlier this month in our Monthly Flagstaff Home Sales Report.

Still, home sales in August 2015 exceeded the number of sales in August 2014 and “despite this monthly hiccup, the outlook for sales activity remains bright,” said Gregory Daco, head of U.S. macroeconomics, in a note to clients.

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Read more: Existing-Home Sales Stall in August, Prices Moderate | realtor.org