In November, new inventory levels continued to improve, increasing 1.5% from October and now up nearly 37% compared to last year. Interestingly, used inventory saw a decline of nearly 4% from October, but remains up over 21% compared to last year. Prices declined (slightly) across the board. Average new vehicle listing prices declined 0.1% compared to October, while used vehicles saw a slightly larger decline of nearly 1%. Both new and used prices remain well above their 2021 levels. Rising new inventory levels helped increase days-on-market by 5.5% compared to October. Used inventory increased by 2.5%, due to higher priced vehicles sitting on market for longer and pulling up the overall average.

In October, new inventory continued its path to recovery with levels rising over 3% compared to last month; now up 34% year-over-year. Used inventory also saw an increase of nearly 1% and is now up nearly 24% year-over-year. These trends signal that both new and used consumers are finally seeing more vehicles available to them. Pricing trends continued to diverge further with used prices declining 1% month-over-month while new prices saw a further increase of over 2% month-over-month; both new and used are still seeing significant spreads year-over-year. Days-on-market increased in line with rising inventory levels; the days-on-market for new and used now stand squarely between 2020 and 2021 levels.

In a positive shift, September saw new inventory levels rise with index readings increasing 18.7% compared to last year. Used inventory was effectively flat month-over-month, but is similarly up 21.1% year-over-year. Unfortunately, the improving inventory levels didn’t help bring down prices significantly. New vehicle prices increased 1% and used vehicle prices declined just 0.6% compared to last month while they remain up 27.8% and 29.9% year-over-year, respectively. Interestingly, days-on-market is effectively flat year-over-year with new levels up 3.9% and used up 1.2%.