Car buyers are paying more for their vehicles online, with the average cost of a new vehicle being $9,400, according to the latest figures from the National Association of Realtors.
The average price of an SUV has climbed to $14,000.
The median home price is now $215,000, according the NAR.
And the average price for a new car is $35,000 — the cheapest it’s been since the recession, according a recent survey by real estate firm CBRE.
A few years ago, the average sale price for new cars was $22,600, according To The Top.
But the number of new cars being sold online in the U.S. has dropped by more than 80% since 2015, the NART data show.
The NART survey, which analyzed data from the most recent data from Kelley Blue Book, found that sales of all vehicles fell by nearly 5% in the last three years, and sales of new vehicles fell 15%.
The decline in new vehicle sales has been driven by the recovery in the economy and an increased demand for smaller vehicles, such as small SUVs.
“The recovery in car sales has not necessarily been the only factor driving down new vehicle prices, but it’s a factor,” said John Fauci, a real estate agent and former managing director at Realtor.
“We are seeing a dramatic drop in the number and quality of new vehicle inventory.”
For instance, the last six months have seen a drop in new vehicles purchased in the Midwest, and the overall number of vehicles sold in the region fell by more that 6%, according to NART.
“While we’ve had a relatively robust recovery in new car sales over the last year, the trend is still somewhat sluggish,” said Andrew M. Kelleher, president and chief economist at CBRE, adding that new vehicle inventories have dropped about 1% annually since 2015.
New car inventory in the country rose by about 14% in 2016, but the industry has yet to see a recovery in vehicle inventies as consumers have largely been re-buying new cars and SUVs, and automakers are still making money selling older vehicles, the report said.
The most expensive new vehicle is the Tesla Model S, which is priced at $104,000 but has a sticker price of $83,600.
The Nissan LEAF has a $49,900 sticker price and is available in three trim levels — the Platinum, Sport and Sedan — and has a battery size of 70 kWh, which works out to just over 8 kWh of driving range.
For comparison, the Ford Fusion costs $42,200, the Chevy Bolt costs $45,800 and the Toyota Prius Prime costs $56,500.
A 2013 survey by the National Retail Federation found that nearly 20% of car buyers were either considering buying a used vehicle or would consider buying a new one.