UBS Investment Research’s business jet update released on Tuesday afternoon suggests that the pre-owned business jet market might be at or near the bottom. The firm said that this market segment is a leading indicator for the new business jet market. According to UBS researcher David Strauss, listings of used business jets slowed to a 1-percent month-over-month increase in March, although they are still 63 percent higher than prior-year levels. While available inventories continue to reach new highs, with 18 percent of the in-service business jet fleet now up for sale, “We think a slower growth rate over the past few months suggests inventories may be beginning to stabilize,” Strauss wrote. The inventory build-up has been driven by young aircraft, which moved 2 percent higher last month and are now more than double prior-year levels, including a roughly fourfold increase in new aircraft delivery position listings. As a result of increased inventory, UBS estimates that average asking prices for most young aircraft have fallen 30 to 35 percent. “While our survey suggests some incremental interest at these levels,” UBS said, “we think record high used available inventories will continue to overhang orders, pressure existing backlogs and force further production cuts out of the manufacturers.”