New-vehicle prices fell from December but were up year-over-year, according to a Cox Automotive estimate.

The seasonal 2% month-over-month decline in the average transaction price to $48,641 was a welcome dip, as December’s nearly $50,000 ATP approached the record.

But it reflected the normal January drop from more elevated December luxury vehicle sales and was more than 1% above the year-earlier ATP, said Cox, which also pointed to about a 1% decline in incentives.

The $3,486 average incentive package was still 29% above a year earlier at 7% of ATP.

Luxury brand sales fell dramatically in January from the December highs, some by over half, pushing down the ATP, Cox said. Overall sales also dipped 25% from December.

After the brisk December sales, January started off with new-vehicle inventory under three million units for the first time since October, Cox said.