As gas prices surged to record levels, inventory of imports, especially smaller, fuel-efficient models, including hybrids, was among the lowest in the industry at the end of May.
The average listing price as May closed dipped to $28,312, compared with a revised $28,372 at the end of April.
The average price paid for a new vehicle in the U.S. last month was the second-highest on record, behind only December 2021, when average transaction prices reached $47,202.
The average listing price at the end of April was $28,365, surpassing the $28,000 mark for the first time since December 2021.
At the end of March, the average listing price was $27,246, off record levels in December when it surpassed $28,000. The list price was down some from the end of February when it was a revised $27,609.
The supply of unsold new vehicles as March opened was about 1.5 million vehicles less than the stock of a year ago and 2.4 million less than in 2020.
The average used-vehicle listing price dipped below $28,000. The inventory volume and days’ supply are both above last year, although sales remain low.
Production will increase with an easing of the chip shortage later this year and sales will rise. Prices will stay high but likely off their records.
Available vehicle inventory inched higher, edging closer to normal. Key stats: 2.38 million unsold vehicles, 51 days' supply, 69,737 average mileage.
Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
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