PlayStation 5 unit sales in the US fell 25% year over year through August 2026 — the lowest figure for that period since 2013. Xbox Series X/S sales dropped even further: 33% down, hitting a record low for the same timeframe. Both declines come as average console prices surge. The PS5 now sells for an average of $597 in the US, up 20% from last year. The Xbox averages $529, up 26% over the same stretch. Neither price reflects launch-day MSRP. It reflects what buyers actually paid across retailers, bundles, and configurations. And it’s the highest ever recorded for either platform at this stage of its lifecycle. PlayStation hardware dollar sales didn’t fall. In fact, they rose 17% year over year in August alone, even as units sold dropped 11%. That gap tells the story: fewer people are buying, but those who do are paying more. Much more. This isn’t normal depreciation. Consoles usually get cheaper over time. Not pricier. The PS4 sold for $199.99 in a Spider-Man bundle in 2018, five years after launch. The PS5, now entering its sixth year, is moving in the opposite direction. Sony has raised prices in multiple markets. So has Microsoft. Nintendo’s Switch 2, though unconfirmed as a formal name. Is also reportedly more expensive than expected. Why? Memory. Specifically, GDDR6 and related components. Console makers are competing directly with AI data-center firms for supply. Micron’s CEO warned the shortage could last until at least 2028. Xbox CEO Asha Sharma said storage component costs had already doubled twice since late 2024, and could be five times higher by late 2027 than they were two years ago. Circana analyst Mat Piscatella called the US console market “the most precarious since the early 1980s.” He’s not referencing nostalgia. He’s referencing collapse risk. The kind that followed the 1983 video game crash. Grand Theft Auto VI launches in November. It could pull some buyers back in. But Piscatella cautioned its impact depends on whether consoles are both affordable and available, neither of which is guaranteed right now. What happens next? Sony and Microsoft have no announced price cuts. No new hardware revisions are confirmed for 2026. The next-gen transition remains scheduled for late 2027 or 2028. Until then, the PS5 stays at $597. Not as a headline number, but as the real-world average. And the US console market keeps shrinking, one expensive unit at a time.