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

The developer, the Steinbridge Group, has committed to helping historically Black colleges and universities and other community institutions develop underutilized real estate.

The homebuilder will build larger, more open floor plans on a variety of lot sizes in high-growth communities. 

Belle Meadows comprises 33 single-family homes priced from the low $400,000s. 

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

The Fielder will bring 288 affordable apartments to the community. 

The master-planned community has 1,450 homesites, with homes priced from the mid-$200,000s.

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

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. 

Demand for newly built homes has remained strong as high interest rates keep many would-be sellers of existing homes off the market. 

The larger-than-expected increase comes as homebuilder sentiment rose for the sixth month in a row. 

A shortage of existing inventory continues to drive buyers to new construction.