Yields Retreat • Home Sales Rebound • Happy Thanksgiving

November 23, 2022 | Hoya Capital

Yields Retreat • Home Sales Rebound • Happy Thanksgiving Real Estate Daily Recap Nov 23 Written By U.S. equity markets finished higher Wednesday while the benchmark 10-Year Yield fell to its lowest-level since early October following a mixed slate of economic data and Fed minutes hinting at a potential pivot. Closing at its highest level in two months, the S&P 500 advanced 0.6% today - extending its gains on the holiday-shortened week to 1.6%.

Real estate equities were mixed today despite the retreat in interest rates as the Equity REIT Index gained 0.1% with 7-of-18 property sectors in positive territory. Mortgage REITs advanced 0.4%. Alongside Fed minutes showing that several officials backed the need to moderate the pace of rate hikes, disappointing jobless claims data and weaker-than-expected PMI data this morning kept downward pressure on long-term interest rates. There was a bit of good news on the economic data front, however, with New Home Sales topping estimates in the face of sharply higher mortgage rates.

Sales in October rose 7.5% to a seasonally-adjusted annual rate of 632,000. Supply levels of newly-completed homes remained near record-lows in October at just 1.6 months. Income Builder Daily Recap U.S. equity markets finished mostly higher Wednesday while the benchmark 10-Year Yield fell to its lowest level since early October following a mixed slate of economic data and Fed minutes hinting at a potential pivot. Closing at its highest level in two months, the S&P 500 advanced 0.6% today - extending its gains on the holiday-shortened week to 1.6% - while the tech-heavy Nasdaq 100 finished higher by 1.0% today.

Real estate equities were mixed today despite the retreat in interest rates as the Equity REIT Index gained 0.1% with 7-of-18 property sectors in positive territory while the Mortgage REIT Index gained 0.4%. Homebuilders rallied 2% after surprisingly solid New Home Sales data and another retreat in mortgage rates. Alongside Fed minutes showing that several ...