Prices for both used and new vehicles are showing signs of dropping and becoming steady, Yahoo Finance reports.

According to government inflation data released this past Wednesday, consumer prices for new vehicles in the month of June were flat compared to May. They were up by 4.1% year over year, with the yearly figure having decreased from the prior month’s 4.7%.

With regard to the used vehicle market, prices were down by 0.5% in June and have dropped by 5.2% year over year, showing much more progress from the prior month.

Average transaction prices throughout June rose 0.3% for new cars, with a 4.5% year-over-year increase. For used vehicles, average transaction prices rose 0.6% month over month but showed a decrease of 3.7% year over year, according to data from auto research firm Edmunds.

The used car market has shown more progress compared to the new vehicle market, with prices being lowered the most since the beginning of the COVID-19 pandemic, as reported by Manheim’s used vehicle index. 

Overall, the data suggest that car prices may be returning to a state of normalcy, following a period of rising prices sparked by the pandemic.