Seattle home sales registered the third-largest decrease in the United States last month, according to the latest RE/MAX National Housing Report. Closed home sales fell by 15.9% in November, with 2,875 sales compared to 3,420 a year prior.

Seattle also saw the fourth-highest decline in active inventory, with the housing supply dropping by 25.6% year over year.

“Desirable home listings are so few and far between that multiple offers and waived contingencies are back as buyers battle each other for scarce homes,” John Manning, managing broker of RE/MAX Gateway in Seattle, said in the report. “Interest rates have recently dropped from their highs, giving momentum to buyer efforts. Unfortunately, buyers are stacking up as home supply continues to bottleneck residential sales.”

Thanks to increased competition, Seattle’s close-to-list price ratio increased by 1.4% last month, with the typical seller receiving 99% of the asking price. Home prices also went up 6.9% year over year.