New car prices hit a record high in July, but not by much

New car supplies are improving, but inventories remain tight

The average transaction price paid for a new car hit $48,182 in July, according to a new report from Kelly Blue Book.

That marks the highest price yet seen, but it was only $139 more than June's average.

Dealer inventories remain tight, but were 27% higher than last July when the new car supply shortage first kicked in.

Honda, Hyundai, Kia and Land Rover led the way with transactions running from around 5% to 8% over list price, while vehicles from Alfa Romeo, Buick Fiat, Lincoln, Ram and Volvo were selling for 1% below sticker.

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New car inventories remain tight.

New car inventories remain tight. (Luke Sharrett/Bloomberg via Getty Images)

"Still, even though average prices are at a record level, there are affordable vehicles out there. Compact cars and SUVs and subcompact models typically transact for 30% to 40% below the industry average," Rebecca Rydzewski, research manager of economic and industry insights for Kelly Blue Book owner Cox Automotive, said.

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Electric and hybrid car prices dropped in July.

Electric and hybrid car prices dropped in July. (Justin Sullivan/Getty Images)

Prices for electric and hybrid vehicles were down 2.3% and 5.3%, respectively, from June, when record high gas prices were driving sales of efficient vehicles.

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Luxury cars also saw a decline of $382 to $65,530, while non-luxury models increased $363 to $44,431.