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  • Alex Pettee, CFA

REITs And Homebuilders Surge In January

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  • Powered by the 100th consecutive month of job growth and an increasingly dovish Fed, the S&P 500 climbed 1.6% on the week and notched its best January in 30 years.

  • Coming off their worst year since the financial crisis, real estate equities led the charge in January. REITs rallied nearly 12% on the month while Homebuilders surged nearly 13%.

  • Jobs data continues to exceed estimates, powered by a slow march higher in labor force participation. Strong wage growth has gradually pulled discouraged workers back into the workforce.

  • Housing data was mixed this week. The shutdown-delayed November New Home Sales data exceeded expectations and far outpaced the private market estimates. Pending home sales, however, was significantly weaker than expected.

  • Sentiment around the US housing market has gradually improved as mortgage rates remain near ten-month lows. REIT and Homebuilder earnings reports so far have generally exceeded modest expectations.

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