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. 

Located in Woodinville’s Wine Village, Vineyard Creek will feature 45 duplex homes ranging in size from 2,000 to 2,500 square feet.

Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures. 

A three-tower Bellevue development originally intended for a massive office complex is being reimagined as a mixed-use development with residential units.

Several cities around the country, including Seattle, are making significant strides in addressing housing shortages with new construction.

Single-family home permits and completions, meanwhile, also rose, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Low inventory and high demand are buoying builder sentiment in the face of several headwinds.