U.S new-home housing market unexpectedly declines

Source: Bloomberg
© Scanpix/Reuters
The U.S new-home housing market is experiencing unexpected decline in the month of July against experts' forecasts, contracting by 2.4% to 412,000 units. Although the costs of borrowing remain at historically low levels, potential buyers were winded up by tight credits and slow wage growth, experts explain. Furthermore, sales of previously owned accommodations have inched up fourth month in the row, almost reaching its one-year peak in July. Nonetheless, new-home housing market accounts for as low as 5% of the residential market.
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