Real Estate Daily Recap: REITs Climb 0.9%, Homebuilders Finish Lower by 0.8% on Busy Day of Earnings
Following a 3% gain last week, the REIT ETFs (VNQ and IYR) ended the day higher by another 0.9% as earnings season kicks into high gear this week. The single family rental, hotel, mall, and manufactured housing REIT sectors were the top-performers on the day.
The Homebuilder ETFs (XHB and ITB) finished lower by 0.8% following a nearly 7% surge last week. Within the Housing Index, the Home Furnishings sector was the strongest performer, led by Wayfair (W), Restoration Hardware (RH). Bed Bath & Beyond (BBBY), and Sleep Number (SNBR). Redfin (RDFN) also had a nice day in the real estate technology and brokerage sector.
It's a busy day for real estate earnings with AvalonBay (AVB), AIMCO (AIV), Alexandria (ARE), Leggett & Platt (LEG), and Simpson (SSD) all reporting results this afternoon.