Real Estate Daily Recap: REITs & Homebuilders Dip Following Disappointing New Home Sales Data

June 25, 2019 | Hoya Capital

Real Estate Daily Recap: REITs & Homebuilders Dip Following Disappointing New Home Sales Data Uncategorized Jun 25 Written By For the second straight day, the Hoya Capital US REIT Index finished the day lower by 1.1%, trending lower following weaker-than-expected economic data this morning, including a miss on New Home Sales. All REIT sectors were lower on the day with the data center, cell tower, and net lease REITs underperforming on the day.

The S&P 500 finished down by more than 1% while the Nasdaq finished off by 1.7%. The 10-Year yield retreated another 3 basis points on the day, falling to the lowest level since late 2016. The Hoya Capital US Housing Index finished the day lower by 1.1%, led to the downside by the Homebuilding and Real Estate Technology & Brokerage sectors following weak home sales data this morning. Home Prices, however, rose by more than expected.

The Mortgage Lending & Services and Homebuilding Products sectors were the relative outperfomers on the day led by Realogy, Williams-Sonoma, Bed Bath & Beyond, and Trex. New Home Sales data released this morning was weaker than expected with the TTM rate of growth turning negative for the first time since 2011. From CNBC : "Sales of newly built homes fell 7.8% in May from April and were 3.7% lower than in May 2018, according to the U.S.

Census. The median price of a newly built home sold in May was $308,000, down 2.7% annually." For an in-depth analysis of all real estate sectors, be sure to check out all of our quarterly reports: Homebuilders , Apartments , Student Housing , Single Family Rentals , Manufactured Housing , Cell Towers , Healthcare , Industrial , Data Center , Malls , Net Lease , Apartments , Shopping Centers , Hotels , Office , Storage, and Real Estate Crowdfunding .

Disclosure: An investor cannot invest directly in an index and index performance does not ...