REITs Recover | Student Housing Sale | Home Sales Surge

September 24, 2020 | Hoya Capital

REITs Recover | Student Housing Sale | Home Sales Surge Daily Recap Sep 24 Written By Daily Recap U.S. equity markets rebounded Thursday in another choppy trading session after better-than-expected New Home Sales data and hopes of renewed stimulus talks offset lukewarm jobless claims data and coronavirus concerns. Barely avoiding falling into "correction territory" with a late-day rally, the S&P 500 finished higher by 0.3% while the tech-heavy Nasdaq 100 gained 0.4%.

The Dow rose 52 points. Real estate equities rebounded amid an otherwise rough week with the broad-based Equity REIT ETF (VNQ) finishing higher by 0.4% today with 13 of 18 property sectors in positive territory. New Home Sales topped estimates, surging 43% in August from last year to the highest annual rate since 2006, another sign that the housing industry continues to lead the post-pandemic economic recovery. Initial Jobless Claims ticked slightly higher to 870k.

Continuing Claims, however, decreased to 12.6 million. Since the peak in early May at around 25 million, Continuing Claims have retreated by more than 12 million. Real Estate Daily Recap U.S. equity markets rebounded Thursday in another choppy trading session after better-than-expected New Home Sales data and hopes of renewed stimulus talks offset lukewarm jobless claims data and coronavirus concerns. Barely avoiding falling into "correction territory" with a late-day rally, the S&P 500 ETF ( SPY ) finished higher by 0.3% while the tech-heavy Nasdaq 100 ( QQQ ) gained 0.4%.

Real estate equities rebounded amid an otherwise rough week with the broad-based Equity REIT ETF ( VNQ ) finishing higher by 0.4% today with 13 of 18 property sectors in positive territory. The Mortgage REIT ETF ( REM ) gained 0.2% following yesterday's 3.6% decline. While the late-day rally pulled the S&P 500 out of "correction territory" - defined as a 10% pull-back from recent highs - the Nasdaq remains 11.5% below its recent record-highs in early September.

Choppiness this week has ...