Sales of new homes jumped to an all-time high in October in what could be a final spurt from a housing market that is expected to slow after five record-breaking years.

The Commerce Department report released Tuesday showed sales of new single-family homes climbed to a record annual rate of 1.42 million units last month. The 13 percent increase from September was the largest percentage gain in more than 12 years.

Analysts said the unexpected surge probably was influenced by fence-sitters rushing to buy homes before mortgage rates climb higher.

“The housing market is peaking despite what today’s data suggest,” said Mark Zandi, chief economist at Moody’s Economy.com.

He said part of the rise in October could have occurred because worried builders have started cutting prices and offering other incentives to move unsold homes.