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

What exactly goes into homebuilding costs, and how do those costs translate to profits for builders — and home prices for buyers?

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

Multifamily construction, meanwhile, rose on a monthly basis. 

The Avenue will feature a mix of high-end retail and hospitality venues, plus 50 upscale residences priced from just under $3 million. 

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. 

The influx represents a 9% increase compared to last year and a 30% jump from 2022.

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. 

The median price of a new home sold during the month fell to $418,800 from $433,100 in August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

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. 

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. 

Chicago’s Bloomingdale Trail, or the 606 as it’s known colloquially, is set to expand over Ashland Avenue and underneath the Kennedy Expressway, to connect with Elston Avenue.