As used-car prices remain high, inventory holds steady at the start of the new year, according to Cox Automotive.

As of Jan. 1, total used-vehicle supply stood at 2.2 million, unchanged from December but up by 5% year-over-year. The average listing price was $26,043, up 1% year-over-year and from December. 

“Price-conscious buyers have limited options for affordable used vehicles," said the report by Manager of Economic and Industry Insights Scott Vanner. "Used cars priced below $15,000 continue to have low availability, with only 38 days’ supply, which is 11 days below the overall industry average.” 

At the start of January, used-vehicle days’ supply was 49, down one day from December but up one day from a year earlier. Cox estimates days’ supply based on the daily retail sales rate for the most recent 30-day period.

The used retail sales pace rose in December by 2% compared to November and by almost 3% year-over-year. Used-vehicle sales reached 1.3 million vehicles, which the report called a “stronger-than-expected performance” since the month usually sees declining sales. Cox suggested the performance might have been driven by “consumers viewing it as a favorable purchasing window, with improving credit conditions and the used market’s affordability advantage over new vehicles.”

The top five sellers of the month, accounting for half of all used vehicles sold, were Ford, Chevrolet, Toyota, Honda and Nissan.