Both buyers and sellers are deserting the sluggish U.S. housing market as the winter season approaches, according to new data by Redfin showing that pending sales and new listings are declining.

New listings of homes for sale across the country fell 1.7 percent year-over-year to 62,674 during the four weeks ending December 7, the real estate brokerage found—the biggest decline in over two years.

Within the same time frame, pending home sales nationwide were down 4.1 percent from a year earlier to 63,959—the biggest decline in 10 months.

Why It Matters

The U.S. housing market has slowed to a grind during the spring and the summer this year, two typically busy seasons, as ongoing affordability issues kept buyers to the sidelines. As a result, for-sale inventory has been piling up on

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