A recent report from J.D. Power-LMC Automotive expects new vehicle sales to increase in the month of March, Reuters reports.

Sales of new vehicles this month, including “retail and non-retail transactions,” are expected to increase 6.2% from last year.

There are some signs of the increase in demand fading, though; General Motors has decided to slow down production for two weeks at a plant building Chevrolet Silverado and GMC Sierra pickup trucks in order for dealerships to maintain “optimal inventory levels.”

Jeff Schuster, president of global forecasts at LMC Automotive, stated that despite “some warning signs in the banking industry and with the general economy,” sales have increased from 200,000 a month prior, and that “supply disruption is expected to continue to ease.”

Sales of retail vehicles are expected to show a 1.9% increase from last year, and global light-vehicle sales are projected to see a 6.2% increase.

With this increase in sales, price hikes have been seen as well. The average price of a new vehicle as of March 2023 was $45,818, which is a 3.5% increase compared to the same time a year ago.