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

Toll Brothers announced the opening of a model home for its Manor Collection at Sereno Canyon, a master-planned community in Scottsdale.

David Weekley Homes will construct homes in three Phoenix-area communities: Legado West, Tavolo at Soleo and Victory at Verrado.

Minimal Living Concepts, an Arizona-based homebuilder known for creating guest homes, casitas and accessory dwelling units (ADUs), is expanding its offerings to include semi-custom, full-size primary homes.

Patterson Homes broke ground on a collection of estate homes in Silver Sky, a luxury community in Paradise Valley.

More than half of the condos in the 88-unit project have already been reserved since plans were announced in October 2024.

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

Meritage Homes will become the seventh builder in Teravalis, a master-planned community in Buckeye, Howard Hughes announced.

Construction has begun on Album Surprise, an active-adult community for residents aged 55 and up.

Multifamily construction, meanwhile, rose on a monthly basis. 

A new collection of luxury homes from Toll Brothers will join Sereno Canyon, a gated master-planned community in North Scottsdale.

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 company’s inaugural project is located in South Fulton County and called South Pine. 

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.