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Houston-area dealers sold 32,163 cars, trucks, and SUVs in January, a 32.6 percent increase over January ‘22 , according to TexAuto Facts, published by InfoNation, Inc. Vehicle sales can serve as a proxy for consumer confidence , with sales rising when Houstonians have a generally positive outlook for their near-term prospects and falling as pessimism sets in. This January’s strong sales report suggests Houston consumers remain upbeat heading into the new year.
The national ratio of vehicle inventory to sales has been increasing in recent months. However, it remains substantially below pre-COVID levels, suggesting that dealers are still struggling to rebuild their supply. Despite low inventories, many automakers and their dealers are reporting substantial profits for ’22, according to Automotive News.
The average price paid for a vehicle in metro Houston trended up over the year and is 4.7 percent above January ’22 levels and 22.3 percent above December ’20 levels.
Trucks and sport utility vehicles (SUVs) dominate the market, accounting for almost four out of every five vehicles sold in Houston this January. The average price for a truck/SUV sold in December was $55,159; the average price for a car was $44,161.
Prepared by Greater Houston Partnership Research
Patrick Jankowski, CERP
Senior Vice President, Research
Average sales price for all vehicle types in Houston in January