This still speaks of a hot under-supplied market: By June, they hit a new record, up by 11.5% year-over-year. The average listing price in June rose 11.5% from a year ago, to a record $45,976, according to Cox Automotive.Ĭox also said that during the last week of June, asking prices “began to retreat slightly.” So maybe possibly perhaps, dealers are running into just a tad of price resistance in certain corners of the market.Īsking prices fell in January, February, and March, only to do a U-Turn in April – and part of this was seasonal as January and February are the worst months for dealers, when volume tends to plunge from the December binge. The average asking price (listing price) shows that dealers are in no mood to offer deals yet. A dealer’s website typically shows three labels next to the vehicles in their inventory: “in stock,” “in transit,” and “sold.” The term “inventory” accounts for what is “in stock” and what is “in transit.” And it may include units that have been pre-sold. By comparison, in 2019, new vehicle inventory averaged 3.66 million vehicles. On this basis, new vehicle inventories haven’t improved since December. The number of new vehicles in “in stock” on dealer lots and “in transit” to dealers dipped to 1.12 million vehicles at the end of June, down by 70%, or by 2.61 million vehicles, from the same period in 2019, according to estimates by Cox Automotive, based on its Dealertrack data. The inventory shortages at new vehicle dealers continue unabated, and inventories remain desperately low, but the shortages are shifting, as demand has shifted, and there is now supply piling up, for example at Ram dealers, while fuel-efficient vehicles are essentially sold out, and EV models have long waiting lists – as people are tired of getting hammered by high fuel prices.