The volume indicates only a 3.5% YoY increase, resulting from an improved economy and market reopening since last July. The annualized selling rate (SAAR) emphasizes the more pronounced cooldown from previous months. The SAAR fell to 14.5 million units in July from 15.3 million in June – and by more than four million units from the peak back in April. In addition, sales weakened more substantially in the last week of the month, suggesting that more challenges are ahead.