New vehicle sale price reaches new record in July

(KYMA, KECY/ CNN) - According to Kelley Blue Book, the average transaction price for a new automobile hit a record high of nearly $43,000 in July.

That number was up 8% from July 2020.

A limited supply of new vehicles and a trend toward higher end SUV's and pickup trucks are some of the reasons for the high price jump. However, the high prices may be discouraging customers.

New car sales have slowed with July being the slowest month of seasonally-adjusted sales in a entire year.