The pace of new-home construction was higher than economists expected, even as homebuilders expressed concern about the impact of tariffs and supply-side challenges. 

At the same time, the median sales price for a new home hit its highest level since 2022, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.   

At the same time, builder sales expectations for the next six months posted their second-largest drop since the sentiment index started in 1985. 

Construction is underway at Woodinville Square, a luxury townhome community from Toll Brothers.

The builder will construct 11 four-bedroom, 3.5-bathroom homes with two-car garages that range from 2,864 to over 3,000 square feet.

The median-sales price slid from $425,600 in October to $402,600 last month. 

Multifamily construction, meanwhile, rose on a monthly basis. 

The median price of a new home sold during the month was also up, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Multifamily starts, meanwhile, declined, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development said.    

The 716,000 per-year rate of new-home sales topped the consensus estimate of 700,000. 

July’s seasonally adjusted annual rate of 739,000 represented a 10.6% jump from June’s upwardly revised rate of 668,000. 

Seattle ranked No. 12 among major metro areas, with more than 12,800 apartments expected to be completed in 2024. 

Simon Property Group recently broke ground on a 234-unit, mixed-use development at Northgate Station.

LGI Homes announced the opening of Eagle Landing, a new-home community in Tacoma.

New-home construction jumped 5.7% month over month after a soft March, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Declining interest rates spurred the increase.