The console wars between Sony and Microsoft are heating up into the all-important holiday season, and the Xbox One's price cut seems to be paying off.

After almost a year of lagging behind the PlayStation 4, Xbox One managed to reverse course and take top tier in the video game space in monthly sales for November, Microsoft said Friday, citing numbers from NPD Group, according to a report from GeekWire.

The rise in sales came after Microsoft cut the Xbox One console price by $50 right before the holiday shopping rush.

Consumers are spending less at U.S. video game stores, according to a report from NPD Group, CNET reported. Hardware sales fell about 23 percent last month to $1.01 billion, compared with the same time last year, CNET said. Industrywide spending fell 11 percent over the same time period, according to NPD.

So far, Sony has stuck with the PS4's original $399 price point.