Similarly, today's data shows developers sold 14,948 units in 2013, compared to 22,197 homes sold in 2012.
The country's rental market also recorded negative performance. Rentals dropped 0.5 percent in the fourth quarter, marking the first drop since the third quarter of 2009. This compares to a 0.2 percent gain in the third quarter of 2013.
The agency expects developers will complete 19,907 homes in 2014, with another 24,153 in 2015. In comparison, approximately 14,400 units were completed in 2013.
The introduction of new supply will likely have an impact on the already climbing vacancy rate for the market. At the end of the fourth quarter, the vacancy rate reached 6.2 percent, up from 6.1 percent at the end of the third quarter.