This verse is central to understanding how early patriarchs such as Abraham, Isaac, and Jacob viewed the promises. In this regard, the promised city is the New Jerusalem, which symbolizes God's eventual triumph over sin and death. Faith in God led them to believe that God's ultimate purpose for them was not earthly but heavenly. Reading the other examples of faith in this passage requires a similar perspective.
During Abraham's lifetime, he remembered the promise that his own descendants would become as numerous as the grains of sand on the seashore and the stars in the heavens. Throughout his life, he remembered that God the Almighty had promised to be his Provider. He also remembered that God would provide Himself as the Lamb of God who would atone for sin on the earth.
As Abraham believed in the eternal perspective of God's promises, he also looked forward to the New Jerusalem, the new heaven and earth, and the eternal ages to come, when the kingdom is restored to the Father and the Man, Jesus Christ, is able to rule and reign in righteousness and peace.

Dear Heavenly Father, it is wonderful to know that all Your promises will be fulfilled. We wait for a day when faith becomes sight as future prophecies and promises are fulfilled at Your appointed time and in Your specified manner. We thank You for the example of Abraham and Sarah, and for knowing that all Your plans and purposes will be fulfilled. Thank You for forgiving my sins and ensuring that we are with Abraham and all the saints in heaven forever.
 In Jesus's name I pray. Amen.