Real Estate Daily Recap: REIT Rally Continues, Homebuilders Jump
The REIT ETFs (VNQ and IYR) rallied for the fourth consecutive day pushing their weekly gains to just shy of 4%. The data center, manufactured housing, cell tower, and net lease REIT sectors all gained more than 1.5% on the day. The S&P 500 ETF (SPY), meanwhile, finished higher by 0.8% while the NASDAQ ETF (QQQ) climbed 1.5%.
The Homebuilder ETFs (XHB and ITB) surged by nearly 4% led by a post-earnings jump from Meritage Homes (MTH). Eight of the ten homebuilders in the Hoya Capital Housing Index are up by at least 5% on the week while the sector has climbed by more than 15% since the start of the year.