New home sales fell 8.9 percent m-o-m to 544,000 in October, according to the US Commerce Department. The results mark an almost two-and-a-half-year low and represents a 12-percent decrease from October 2017. The weak performance was driven by a rise in 30-year fixed-rate mortgages, which now average 4.83 percent, up from 3.47 percent two years ago. Rising construction costs also pushed home prices to levels too high for many consumers. A separate report from the National Association of Realtors reveals pending nationwide homes sales declined 2.6 percent last month, to a four-year low.
