US new-home sales unexpectedly rose last month to the highest level since March 2022 and prices declined, indicating builders continue to benefit from limited inventory in the resale market.

Purchases of new single-family homes increased 4.1% to an annualized 683,000 pace last month from a downwardly revised 656,000 rate in March, government data showed Tuesday. The median estimate in a Bloomberg survey of economists called for a 665,000 reading.