CS: Rate pullback not yet helping new home traffic

|By:, SA News Editor

Credit Suisse's homebuyer traffic index slumped to a near 2-year low of 36 in September from 45 in August, with agents blaming increases in rates and home prices. The recent pull-back in interest rates hasn't yet led buyers to re-engage. Investor-heavy markets like Atlanta, Phoenix, Las Vegas continue to take a hit as investors pull back (some Wall Street heavyweights like Oaktree are exiting).

Toll Bros. (TOL -0.9%) got the highest percentage of agent recommendations across all markets, with a net 34% of agents saying they would recommend the builder. Next is D.R. Horton (DHI -0.2%) with 24%. Standard Pacific (SPF -1.2%) and PulteGroup (PHM -1.1%) polled at 23%.