New car prices decreased $464 (1.4%) in January, compared to December 2013, Kelley Blue Book (KBB) reported. But new car prices increased $479 (1.5%) year-over-year.

In January, the estimated average transaction price for light vehicles in the U.S. was $32,391, according to KBB.

"It comes as no surprise new-car shoppers cashed in on the holiday deals available toward the end of December, particularly from higher-priced luxury brands," said Karl Brauer, senior analyst for Kelley Blue Book. "This increase in luxury sales during the holidays often creates a drop in overall transaction prices between December and January. However, if manufacturers keep inventory levels and incentive spending in check, we could see transaction prices increase throughout 2014."

"Despite a slight dip in the industry's average transaction price from December 2013, prices are still on the rise from this time last year," said Alec Gutierrez, senior analyst for Kelley Blue Book. "Both Hyundai-Kia and Ford are seeing significant increases in pricing this month. Ford also should continue to climb with a whopping 16 new model introductions this year."

For more information, visit www.kbb.com.