Home sales in November plunged compared to a year earlier, according to data published Monday by Redfin.
The Seattle-based real estate brokerage said in a press release that the number of homes sold during the month dropped 5%, representing the first year-over-year decline in inventory for 2014.
Home sales fell by 21% compared to the previous month.
“The decrease in sales was not due to absent buyers, who often pause their home search during the holidays, but to too few sellers putting their homes on the market,” Redfin said in a press release Monday.
While home sales declined, prices held relatively steady. The median sale price in November increased 6.2% compared to a year ago and, for the past three months, has remained at approximately $274,000.