Despite elevated vehicle prices, soaring interest rates and high inflation, there are no signs that demand is falling off yet.
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Wholesale prices had been moving downward for most of the year and decreased 4% in August from July, widening the divergence with retail prices.
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But don't get too excited. Days supply is still far below historical levels and production has yet to catch up to demand.
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All major market segments saw seasonally adjusted prices that were higher year over year -- but declined -- in the first half of August.
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Used vehicles are tracking at a fairly normal pace for supply. Sales have slowed compared to the strong pace in the summer of 2021, but are still relatively healthy.
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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.
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The average listing price as May closed dipped to $28,312, compared with a revised $28,372 at the end of April.
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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.
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The average listing price at the end of April was $28,365, surpassing the $28,000 mark for the first time since December 2021.
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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.
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