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New car, truck, and SUV sales are up 13.6 percent through October of this year compared to the same period in ’21, according to TexAuto Facts, published by InfoNation, Inc. Despite the recent discussions of an upcoming recession, vehicle sales are signaling strong consumer confidence heading into the end of the year.
The ratio of inventory to sales dropped slightly in September and remains substantially below pre-COVID levels. Though there’s been marginal improvement in auto inventory, microchip and parts shortages continue to plague dealers across the U.S. Thus, the low inventory to sales ratio persists.
The average price paid for a vehicle sold in metro Houston in October came down slightly from September. However, it is still 5.5 percent above October ’21 and 23.5 percent above October ’20.
Trucks and sport utility vehicles (SUVs) still dominate the market, accounting for three out of every four vehicles sold in Houston. The average price for a truck/SUV sold in October was $54,600; the average price for a car was $41,490.
Prepared by Greater Houston Partnership Research
Patrick Jankowski, CERP
Senior Vice President, Research
Average sales price for all vehicle types in Houston in October